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Canada's Ivey Purchasing Managers Index rose more than expected in September, pushing the loonie to a yearly high on its way to parity with the US dollar.
According to data released Tuesday, the Ivey PMI Index came in at 61.7 in September, stronger than the expected 58 and higher than 55.7 the previous month. The data measures the monthly change in purchases by corporate executives and is widely considered a gauge of optimism.
A headline value above 50 indicates an increase in purchases from the previous month and a value below 50 indicates a decrease.
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