EUR/GBP (euro/British pound sterling)

Sterling rose as Andy Burnham was set to become the U.K.'s prime minister Monday. It completes a surprisingly smooth transition of power from Keir Starmer who announced his resignation as prime minister last month, Commerzbank's Thu Lan Nguyen said in a note. The market appears to be betting that the period of political turmoil and recurring scandals in recent years is coming to an end, she said.

Preliminary British GDP for last quarter was lower than expected at 0.1%, barely above stagnation.

Although the British job report was mostly negative, inflation rose more than expected to 3.4%

Increasing signs of economic slowdown come ahead of likely tax hikes this month.