Loonie drops despite less-than-expected GDP contraction
Economies.com
2020-05-29 17:01PM UTC
The Canadian dollar fell against most currencies on Friday, despite less than expected GDP contraction in the first quarter.
The Canadian GDP shrank by 7.2%in the first quarter, better than forecasts of -9%, while the raw material price index fell 13%, also better than forecasts of 23%.
Investors await President Donald Trump's press conference to talk about the latest Chinese developments.
Trump is expected to discuss US actions on China, after Beijing implemented the new national security law in Hong Kong..
As of 16:59 GMT, CAD/USD fell 0.3% to 0.7243, after hitting an intraday high of 0.7295 and a low of 0.7225.
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