ChainCatcher news, Derek Halpenny from MUFG stated that the prospect of the Bank of England cutting interest rates more than the market expects will hit the pound.Market expectations for rate cuts this year seem "too cautious," and the pound may underperform non-dollar currencies later this year. The pound was the worst-performing G10 currency in the previous trading day, with the UK's December manufacturing PMI unexpectedly revised down, and gas prices surged, moderately increasing expectations for a rate cut in February. (Jin Shi)

ChainCatcher news, according to Jinshi reports, the Bank of England has cut interest rates by 25 basis points, lowering the benchmark rate from 5% to 4.75%, in line with market expectations.

ChainCatcher news, Premier Miton Group's Chief Investment Officer in London, Neil Birrell, stated that the UK has finally cut interest rates. The Bank of England has shifted from worrying about inflation to worrying about economic growth, although they will certainly be cautious about further rate cuts and cannot allow the bond market to develop overly high expectations too soon. However, this is an important move, and so far, only the United States has not joined the global rate cut trend. We may see financial markets further reflect the shift in the cycle overall, but there may be more within asset classes.

ChainCatcher message, the overnight index swap rate curve shows that the probability of the Bank of England cutting interest rates on August 1 has risen from 60% on Tuesday to 64%.