Financial website Forexlive commented on the UK CPI data for November: The Bank of England is likely to cut interest rates for the first time in May next year

The UK's November inflation monthly inflation rate recorded 3.9% y/y, and despite the Bank of England's counterattack, inflation data like this one is significantly poor, which will continue to prove to the market that the market's expectation that the Bank of England will cut interest rates sooner is correct. The pound fell as a result, and traders will see May as the first possible future rate cut by the Bank of England. Ahead of the inflation report, there is a roughly 65% chance that the Bank of England will cut interest rates in May next year.

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