Sterling edges down as UK cabinet reshuffle eyed
Monday, 8 January 2018 18:15 WIB | CURRENCIES |poundPoundsterling

Sterling edged down against the dollar on Monday as investors eyed a reshuffle of Britain™s cabinet, though most said that bar any major surprises, the changes would be unlikely to significantly move the pound.

Prime Minister Theresa May said on Sunday she would announce changes to her ministerial team soon, with media reports saying her foreign, finance, interior and Brexit ministers would keep their jobs in a reshuffle starting on Monday.

Sterling has been trading between $1.30 and $1.36 since September, and traders say it will take major new developments in Brexit discussions - or a run of strong economic data that brings the timing of the next Bank of England interest rate hike forward - for the currency to break out of that range.

It inched down 0.3 percent to $1.3530 on Monday.

Source: Reuters                 

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