Traders are reducing their bets on a rate cut by the Bank of England, leaning towards only one more rate cut this year.

Analyst from financial website Forexlive: After the release of UK CPI data, current market pricing shows a rate cut of 34 basis points remaining for the year 2025, compared to the previous expected rate cut of 41 basis points before the UK CPI release. The market is fully pricing in a rate cut in November, which I still find a bit high. I expect the Bank of England and other major central banks to face more hawkish repricing in the coming weeks and months.