British Pound Rises as Burnham to Become U.K. Prime Minister

Sterling rose as Andy Burnham was set to become the U.K.'s prime minister Monday. It completes a surprisingly smooth transition of power from Keir Starmer who announced his resignation as prime minister last month, Commerzbank's Thu Lan Nguyen said in a note. The market appears to be betting that the period of political turmoil and recurring scandals in recent years is coming to an end, she said.