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LONDON: Sterling was on track for its biggest weekly rise against the euro in months, as mounting concerns over the fiscal outlook of some of the euro area’s most indebted countries dented confidence in the single currency.
However, the pound was set for its third straight weekly drop against the dollar, which strengthened after the mid-September Federal Reserve’s hawkish shift.
Any move towards rejoining the European Union will be under the spotlight after Prime Minister Andy Burnham, who campaigned to stay in the EU in a 2016 referendum, argued the nation should again consider options, including rejoining the bloc.
Markets would likely welcome such a move, having viewed Brexit as a long-term headwind for sterling since the 2016 referendum.