(Bloomberg) -- Traders pared bets that the Bank of England will ease monetary policy in the coming months after data showed services sector inflation...
-- Traders pared bets that the Bank of England will ease monetary policy in the coming months after data showed services sector inflation remained higher than expected in May.Nvidia’s 591,078% Rally to Most Valuable Stock Came in WavesMoney markets are now pricing in a 30% chance of a cut in August, compared to 45% before the data was released. There’s one quarter-point cut fully priced for this year, by November, with a 60% chance of a second reduction — down from 80% on Tuesday.
The yield on two-year gilts — among the most sensitive to changes in monetary policy — rose five basis points from a two-month low to 4.19%. The pound strengthened as much as 0.2% against the dollar to $1.2730. The Canadian dollar edged higher against its U.S. counterpart on Monday as investors awaited further insight into the Bank of Canada's move to cut interest rates and after speculators raised their bearish bets on the currency to a record high level. As of June 11, non-commercial accounts had increased their net short positions in the Canadian dollar to 129,493 contracts from 91,639 in the prior week, data on Friday from LSEG and the U.S. Commodity Futures Trading Commission showed..
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