Sterling's recent recovery reflects a weaker dollar but also an easing in the political risk premium, Ebury's Matthew Ryan says in a note. Andy Burnham is almost certain to succeed Prime Minister Keir Starmer, and his commitment to fiscal rules is alleviating risks of a weaker sterling, he says. A critical risk factor for sterling, however, is who Burnham appoints as Treasury chief, he says. Ed Miliband remains bookmakers' favorite to become Treasury chief, which is a "clear negative for the pound given his preference for expansionary fiscal policy." Sterling rises 0.1% to $1.3357 after reaching a two-week high of $1.3384 Thursday, LSEG data show. The euro rises 0.1% to 0.8569 pounds, having hit a one-year low of 0.8544 Thursday.(renae.dyer@wsj.com)