Forex News: News that Canadian factory sales jumped 2.7% in May looks good, but mostly reflects commodity price increases during the month, says a report from National Bank. "Over the last eight months, when exchange rate movements did not affect significantly sales values, there has been no up trend outside commodities," it says. During that period, petroleum and coal products jumped 46%, and primary metals were up 12%. Outside those two industries, factory sales declined 3.7% due to motor vehicles and parts, while sales were basically flat overall in the remaining industries, it says. "Looking ahead, persistent soft U.S. demand will not allow factories to be a factor of strength in the Canadian economy," NBF says.
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