India, July 17 -- 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.
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