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The US dollar rose in value only temporarily on Thursday when durable goods orders increased by 4.2% - exceeding predictions of 1.1%. That said, on Wednesday the US dollar rose in value compared to other major currencies as positive data regarding US new home sales and the US manufacturing industry sector was released. The Markit’s July flash purchasing managers’ index for the United States increased to its highest reading in four months to 53.2. Additionally, new home sales in the US in June ro…
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Will the Canadian Dollar Increase in Value?
The Canadian dollar increased in value as Canadian retail sales numbers were released for the month of May. In April, these numbers were worse than expected with a -0.4% decrease in retail sales. That said, prior to the release of today's retail sales numbers, it was believed that the retail figures would increase slightly to 0.4% over April's numbers. However, much to everyone's surprise, Canada's retail sales increased by 1.9% in May - the most rapid rate of growth since over two years ago in…