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The pound rises against the dollar and euro amid expectations of fiscal policy support
The British pound is rising against the dollar and the euro, driven by expectations of the appointment of a fiscally conservative finance minister in the government of potential Labour leader Andy Burnham, who is expected to assume the premiership in July. Interior Minister Shabana Mahmoud is considered the most likely candidate for this role, which has brought some relief to the markets after concerns over possible expansive fiscal policies. This has led to a decrease in UK bond yields and the pound reaching its highest level since June of last year against the euro and the dollar, with expectations of continued interest rate hikes and an increase in acquisition deals, amid fears that escalating tensions in the Middle East could impact monetary policy.
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