Forex News: Pound Falls Amid UK Leadership Change

Pound Falls Amid UK Leadership Change

(RTTNews) - The British pound weakened against other major currencies in the New York session on Friday, amid the United Kingdom's leadership transition.

Although Andy Burnham will take over as Labour's leader on Friday, Prime Minister Keir Starmer will formally tender his resignation to King Charles on Monday.

Shabana Mahmood, who is regarded by financial markets as a fiscal conservative, will be named Finance Minister (FM) by incoming Prime Minister Burnham, according to Financial Times (FT) reports, which caused the currency to perform well earlier this week.

Investors are looking forward to next week's release of the Consumer Price Index (CPI) data for June and the U.K. employment data for the three months ending in May.

In the European trading today, the pound fell to 2-day lows of 0.8515 against the euro and 1.0841 against the Swiss franc, from early highs of 0.8492 and 1.0987, respectively. extends its downtrend, it is likely to find support around 0.86 against the euro and 1.07 against the franc.

Against the U.S. dollar and the yen, the pound slid to 2-day lows of 1.3426 and 218.00 from early highs of 1.3481 and 218.95, respectively. The pound may test support around 1.33 against the greenback and 216.00 against the yen.

Looking ahead, U.S. housing starts for June, building permits for June, export and import prices for June, industrial and manufacturing productions for June, U.S. University of Michigan's consumer sentiment for June and U.S. weekly Baker Hughes oil rig count data are due to be released in the New York session.

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