Traders step up odds of BOE rate cut for next month. The odds of a 25 bps rate cut for the 6 February decision are now at ~82%. That compares with ~62% odds before we got the softer UK CPI report. Looking out to the entirety of this year, traders are pricing in ~49 bps of rate cuts in total. We now see GBP/USD falling to $1.18 per dollar
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