Traders pare BOE rate cut bets, June no longer fully priced in ...Middle East

For some context, the odds of a May rate cut were around ~69% coming into today and traders had fully priced in the first BOE rate cut for June this year. Right now, the former has dropped down to ~45% while the latter is only ~96% priced in. This is helping to give the pound a slight lift with GBP/USD up from 1.2640 to 1.2680 currently.The BOE might have removed its tightening bias in the statement but reaffirmed that it will keep rates higher for longer. Meanwhile, I would argue that Bailey's comments are showing no signs of a dovish bias. Instead, it seems to be reflecting a strong neutral position as the emphasis is more on the fact that inflation remains sticky for the time being.

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