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Canadian RMPI jumps more-than-expected in April

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Forex Pros - Canada's raw materials price index rose significantly more-than-expected in April, official data showed on Tuesday.

In a report, Statistics Canada said the raw materials purchase price index jumped by a seasonally adjusted 6.8% in April, after increasing by 5.8% in March, whose figure was upwardly revised from 5.7%.

Analysts had expected the raw materials purchase price index to rise by 4.3% in April.

The industrial product price index rose less-than-expected in April, increasing by 0.5% after climbing by 1% in March, whose figure was upwardly revised from a gain of 0.9%.

The strong increase in petroleum prices was the main reason for the advance of both indexes.

Following the release of the data, the loonie was up against the U.S. dollar, with USD/CAD shedding 0.51% to hit 0.9720.

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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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