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Canadian Ivey PMI jumps more-than-expected in May

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Forex Pros - Canada's Ivey purchasing managers' index jumped significantly more-than-expected in May, industry data showed on Monday.

In a report, the Richard Ivey School of Business said its purchasing managers' index rose to 69.1 in May from 57.7 in April.

Analysts had expected the index to rise to 60.0 in May.

On a seasonally adjusted basis, the index advanced to 65.5 in May from 57.8 in the preceding month, confounding expectations for a decline to 55.2.

A figure above 50.0 indicates industry expansion, below indicates contraction.

According to the data, the Employment Index rose to 63.0 in May from 55.0 in April. The Prices Paid Index advanced to 69.8, up from 68.8 in April.

Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD easing up 0.02% to trade at 0.9780.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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