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By xemarketanalysis February 21, 2018 11:39 am
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    XE Market Analysis: Sterling Under Pressure as UK Jobless Rate Rises

    OVERVIEW

    • GBP is trading at a disadvantage due to calls for gaining full regulatory autonomy after Brexit and the jobless rate rises.
    • The Canadian Dollar continues to weaken as oil prices drop and the US Dollar resurges.
    • The Euro is trading at a disadvantage against the US Dollar as the Purchasing Managers Indexes for both the service sector and manufacturing are disappointed.
    • The Australian Dollar continues to fall as wage inflation remains muted.

    HIGHLIGHT

    The GB Pound is under pressure as the jobless rate rose unexpectedly for the first time in 2 years from 4.3% to 4.4%.

    US DOLLAR

    The Dollar continues to strengthen and reverse some of its losses that we have witnessed since November last year.

    BRITISH POUND

    The Pound remains sensitive to Brexit news as more than 60 lawmakers demand UK PM May to deliver Brexit with full autonomy.

    EURO

    The Euro is lower today as the PMI surveys for both manufacturing and services disappoint market expectations. The manufacturing sector slowed from a reading of 59.6 to 58.5, while the service sector slowed from 58.0 to 56.7.

    CANADIAN DOLLAR

    The Canadian Dollar continues to weaken as this currency pair pushes towards 1.2700 against the US Dollar having traded around 1.22 at the beginning of the month.

    AUSTRALIAN DOLLAR

    The Australian Dollar weakened today as a muted reading in wages was released that diminishes the chances of a rate hike out of Australia anytime soon.

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