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2025-11-11 17:11:02
[The pound's decline continues; is a December rate cut a foregone conclusion?] ⑴ The pound may continue to be under pressure, as weak UK employment data released on Tuesday strengthened the case for a December rate cut by the Bank of England. ⑵ ING analysts point out that the Bank of England's cautious approach to rate cuts this summer stemmed in part from its downplaying of labor market risks. ⑶ With signs of a cooling labor market and inflation already peaking, potential tax increases in the November 26 budget will provide the final basis for a December rate cut. ⑷ The market has not yet fully priced in the expectation of a December rate cut, making the pound particularly vulnerable.
