Investing.com - Canada''s Ivey purchasing managers’ index expanded at a faster rate than expected in January, easing concerns over the country’s economic outlook, industry data showed on Thursday.
In a report, the Richard Ivey School of Business said its purchasing managers’ index rose to 56.8 last month from a reading of 46.3 in December. Analysts had expected the index to increase to 51.0 in January.
A figure above 50.0 indicates industry expansion, below indicates contraction.
Following the release of the data, the Canadian dollar erased losses against its U.S. counterpart, with USD/CAD shedding 0.05% to trade at 1.1077, compared to 1.1100 ahead of the data.