Canada''s Ivey purchasing managers’ index unexpectedly contracted in December, fuelling concerns over the country’s economic outlook, industry data showed on Tuesday.
In a report, the Richard Ivey School of Business said its purchasing managers’ index tumbled to 46.3 last month from a reading of 53.7 in November. Analysts had expected the index to inch up to 55.0 in December.
A figure above 50.0 indicates industry expansion, below indicates contraction.
Following the release of the data, the Canadian dollar added to losses against its U.S. counterpart, with USD/CAD jumping 0.71% to trade at 1.0732, compared to 1.0715 ahead of the data.
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