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The buck is up

The Canadian dollar moved slightly higher Tuesday as traders took in data suggesting that the eurozone and Chinese economies are improving.

The currency gained 0.04 of a cent to 100.18 cents US after Markit, a financial information group, said its purchasing managers' index for the eurozone economy rose to a 10-month high of 48.6 in January from 47.2 in December.

Though the index remains below the 50.0 mark that would indicate expansion, the survey echoes other findings that the worst for the eurozone economy may be over.

And HSBC's Chinese purchasing managers index was firmly in expansion territory, coming in at 54 in January, up from 51.7 in December.

The Canadian Press

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