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By xemarketanalysis January 8, 2018 2:21 pm
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    Sterling Strengthens as PM May Reshuffles Her Cabinet

    OVERVIEW

    • The Sterling shrugs off some reshuffling in the cabinet to strengthen on the day.
    • The Euro remains under pressure as the latest economic data from Germany points to some rare weakness.
    • The Canadian Dollar weakens as the Bank of Canada points to some moderation ahead in the economy.
    • The US Dollar remains unchanged after Friday's jobs report, with another month wait for further insight.

    HIGHLIGHT

    Theresa May is reshuffling her cabinet with Brandon Lewis replacing Patrick Mcloughlin as Chairman of the Conservative Party.

    US DOLLAR

    The Dollar is steady after Friday's jobs report which gave us no further clues in terms of the interest rate outlook in the US, where no change is widely expected at the next meeting on the 31st of January.

    BRITISH POUND

    The Pound is marginally higher on the day as PM May reshuffles her cabinet. It also managed to shrug off weaker UK house prices reported by the Halifax.

    EURO

    The Euro is under pressure today as Merkel struggles to form a coalition. On the economic data front, German industrial orders fell 0.4% in November versus expectations for a 0.5% rise. Meanwhile, Eurozone economic sentiment rose to a 17-year high.

    CANADIAN DOLLAR

    The Canadian Dollar weakened against the US Dollar in reaction to the Bank of Canada releasing their Q4 business survey where they saw sales activity remaining positive but pointed to some moderation ahead.

    AUSTRALIAN DOLLAR

    The Oz Dollar has weakened since the start of this week as its rally from 0.7500 to 0.7850 against the US Dollar starts to lose momentum.

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