Investing.com - Canada''s Ivey purchasing managers’ index contracted at the fastest pace in six months in June, fuelling concerns over the country’s economic outlook, industry data showed on Monday.
In a report, the Richard Ivey School of Business said its purchasing managers’ index fell to 46.9 last month from a reading of 48.2 in May. Analysts had expected the index to increase to 52.5 in June.
A figure above 50.0 indicates industry expansion, below indicates contraction.
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD rising 0.04% to trade at 1.0657.
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