Political Tensions and Economic Concerns Weigh on Sterling

Deep News02-09

According to a report from Société Générale's Kit Juckes, the British pound has softened further as political tensions within the UK's ruling Labour Party dampen investor sentiment. Prime Minister Keir Starmer is facing pressure over his appointment of Peter Mandelson as the UK ambassador to the United States, given Mandelson's association with Jeffrey Epstein. Juckes stated that concerns over potential changes in the UK leadership, combined with worries about the country's weak growth outlook, are exerting downward pressure on the pound. The euro rose 0.3% against the pound to £0.8702, after earlier reaching a two-week high of £0.8726.

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