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Market Outlook

Date: July 9, 2018

Foreign Exchange

 

  • Sterling rose in early European trading on Monday, hitting its highest level since June 14, as traders shrugged off the resignation of the UK Brexit minister, believing that a recently announced plan by the prime minister makes a “soft Brexit” likely.

  • The dollar struggled near 3-1/2-week lows against its peers on Monday after U.S. jobs data showed slower-than-expected wage growth, while the pound retreated as a key member of Britain’s cabinet resigned over Prime Minister Theresa May’s Brexit plan.

  • Sterling hit a two-week high against the U.S. dollar on Friday after British Prime Minister Theresa May secured a cabinet agreement for her plans to leave the European Union.

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