2009.01.1511:04:00UTC+00US dollar ticks up to new multi-week high versus loonie

After trading sideways in European session, the US currency edged up against the Canadian dollar during New York deals on Thursday. As of now, the greenback is trading near a 5-week high of 1.2670 versus the loonie from earlier low of 1.2416. The dollar-loonie pair closed yesterday's New York session at 1.2494.

According to data released by Statistics Canada today that Sales of new motor vehicles in Canada fell 7.0% in November from the previous month. It was the largest monthly decline since August 2005.

The US Labor Department released its report on initial jobless claims in the week ended January 10th today. The report showed that jobless claims rose to 524,000 from the previous week's revised figure of 470,000. Continuing claims also showed a notable decrease, falling to 4.497 million in the week ended January 3rd from the preceding week's revised level of 4.612 million.

The Department of Labor also reported that the producer price index fell 1.9 percent in December following an unrevised 2.2 percent decrease in November. The decrease by the index came in line with economists' expectations.

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