Canadian dollar rebounds from 14-month low after U.S. inflation data

The Canadian dollar rebounded from a 14-month low after U.S. inflation data eased expectations for Federal Reserve hikes, helping the loonie pause its slide. On Thursday, it was up 0.2% at 1.4202 per U.S. dollar, equivalent to 70.41 U.S. cents, aiming to end a daily losing streak. The currency had fallen for seven straight days, touching 1.4248 on Wednesday. The Personal Consumption Expenditures Price Index in May rose above 4% for the first time in three years, boosted by the Iran-war impact on energy prices, according to the report. Karl Schamotta of Corpay said price growth remains above target but slow disinflation could give bond yields room to rally, reducing the “most aggressive” tightening scenarios. Oil climbed 0.5% to $70.68 a barrel, while Statistics Canada showed April payroll employment rose 22,000 and weekly earnings accelerated to 3.8% year over year.