1328 GMT - U.K. economic data should prove key to sterling's outlook after the Bank of England cut rates by 25 basis points on Thursday, Bank of America analysts say in a note. Two BOE policymakers unexpectedly preferred a larger 50 basis-point reduction. However, the BOE reiterated plans for gradual rate cuts and its forecasts showed inflation persistence, the analysts say. Upcoming data will be important for determining expectations for March's meeting, for which money markets currently price about a 20% chance of a rate cut, LSEG data show. Sterling could recover some of this week's losses, particularly versus the euro, because persistent inflation "should keep the BOE on track for quarterly cuts for the rest of the year," BofA's analysts say. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
February 07, 2025 08:28 ET (13:28 GMT)
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