The British pound weakened against other major currencies in the European session on Friday, as investors weighed a potential leadership challenge to Prime Minister Keir Starmer from Greater Manchester Mayor Andy Burnham, as well as concerns over inflation risks.
Burnham announced on Thursday that he would try to run in the Makerfield by-election that became available following a colleague's resignation, possibly opening the door for him to take on Starmer.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.