Data on Wednesday highlighted the potential inflation pressure in the economy, and traders are still betting that the Bank of England will gradually cut interest rates next year. After the data release, the MMF market expects a slight further relaxation of policy, but traders still lean towards only two 25 basis point cuts in 2025. Just last weekend, the market had anticipated a 100% probability of a third rate cut. The British Pound fell slightly by 0.2% to $1.2687. These dynamics do not change expectations for the Bank of England to act cautiously," said Derek Halpenny, Head of Global Markets Research at Mitsubishi UFJ Financial Conglomerates. "Yields will continue to be supported, and the spread will support the British Pound."