Canadian dollar gains on greenback

Sterling weakened on Tuesday after new consumer price inflation data in the UK showed the CPI was up only 0.3 percent in April, sending the annual rate of inflation down to 2.8 percent, from 3.1 percent in March.

The UK currency dropped 0.2 percent versus the euro and was down to $1.9750 in relation to the greenback. However, later in the session the pound recovered versus the US currency so that by mid-afternoon in New York the dollar stood 0.2 percent lower versus sterling at $1.9830.

The Canadian dollar added 0.7 percent to C$1.0980 versus the US dollar after the news that Canadian manufacturing shipments were up in March.

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