According to reports from Jinshi Data, Barclays UK interest rate strategist Moyeen Islam stated that due to weakening economic activity data, the Bank of England may cut interest rates in June. The UK's economic data often falls below expectations, increasing the likelihood of a rate cut.
Data released last week showed that wage growth for the three months ending in March fell from 5.9% to 5.6%. The market is currently focused on the UK inflation data to be released on Wednesday. LSEG data indicates that the probability of the Bank of England cutting rates in June is only 15%.