Pound Index Hits One-Year High on Mahmood for Chancellor Reports

Sterling rose to its strongest level in a year after reports incoming UK Prime Minister Andy Burnham will appoint Shabana Mahmood as Chancellor of the Exchequer. The currency move suggests investors expect a more confidence-supportive fiscal/financial policy stance, though the news is not yet tied to specific budget figures.

Analysis

Sterling rose to its strongest level in a year after reports incoming UK Prime Minister Andy Burnham will appoint Shabana Mahmood as Chancellor of the Exchequer. The currency move suggests investors expect a more confidence-supportive fiscal/financial policy stance, though the news is not yet tied to specific budget figures.