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🏦🔻Swaps Pushed First BoE Rate Cut Pricing to November: Cable FX Macro

  • A busy U.K. docket on Wednesday is over, and we are set to receive preliminary PMIs ahead, so far, the data has led to traders pushing the first BoE rate cut further in the calendar

  • Swaps had priced in around 14bps of easing for the June meeting, rate cut bets were pared on the release of the UK April inflation data

  • Now, the first-rate cut is fully priced in for November, this means that the market expects the BoE to stay on hold over its next three meetings



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