That compares with ~62% odds before we got the softer UK CPI report here. Looking out to the entirety of this year, traders are pricing in ~49 bps of rate cuts in total. That is just a slight step down from what was priced in going into the turn of the year.
The pound itself did lose some ground earlier with cable slipping to a low of 1.2155 but dip buyers are making a bit of a stand with price now rising back up to 1.2225 currently and testing its 100-hour moving average of 1.2223.
This article was written by Justin Low at www.forexlive.com.
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