The British pound weakened to $1.32 on Monday, approaching its lowest level this year after Prime Minister Keir Starmer resigned. Starmer’s departure preludes a Labour Party successor by the start of September, with long-time Manchester mayor Andy Burnham seen as favorite to take the leadership role after winning the by-election last week. Burnham is seen as a fiscal dove and called for higher government expenditure, thus pressuring the sterling and lifting gilts across the curve, driving foreign investors to pivot out of pound-denominated assets as yields were already at their highest among G7 members. On the monetary policy front, the Bank of England left interest rates unchanged at 3.75% this month and maintained a cautious stance. The central bank also revised down its forecast for peak inflation in the fourth quarter of 2026 to 3.25%, from a previous estimate of 3.6%.

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