The Canadian dollar was slightly lower late morning Thursday as the International Monetary Fund warned the domestic economy will slow alongside the global economy this year.
The loonie was down 0.11 of a cent to 93.09 cents US as the IMF said economies around the world are taking longer than expected to recover.
Its latest economic outlook predicts global growth will be about three-tenths of a point lower at 3.4 per cent this year than it thought in April.
Canada’s economy is now expected to expand by 2.2 per cent this year, one-tenth of a point slower than previously thought and in line with the Bank of Canada’s latest forecast.
The dollar had earlier registered a small gain amid rising metal prices and strong manufacturing reports from China and Europe.
via Edmonton Journal
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