The British pound strengthened against other major currencies in the European session on Friday, after the release of strong retail sales figure in May and the political stability indicated by Andy Burnham's victory in the Makerfield by-election.
Investors considered the possibility of further political unpredictability with Burnham's return to Westminster in addition to the Bank's policy outlook. Speculation over a possible challenge to Prime Minister Keir Starmer's leadership has increased following Burnham's victory.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.