Sterling's Rise vs Euro Could Prove Temporary

Dow Jones07-02 15:39

0739 GMT - Sterling's gains against the euro don't look sustainable given lingering political risks and a weak economic outlook, ING's Chris Turner says in a note. Andy Burnham is expected to succeed Prime Minister Keir Starmer on July 20. The focus will then turn to who Burnham appoints as Treasury chief and what policies are enacted. "The U.K. fiscal straitjacket very much limits room for manoeuvre, and it is hard to see any major spending plans coming through without tax rises," Turner says. The U.K. economy typically performs poorer in the second half of the year and some Bank of England policymakers might want restart interest-rate cuts, he says. The euro falls to a one-year low of 0.8554 pounds, according to LSEG. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

July 02, 2026 03:39 ET (07:39 GMT)

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