According to a report by Jinshi Data, Barclays UK interest rate strategist Moyeen Islam stated that due to weakening economic activity data in the UK, 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 shows that the money market expects only a 15% chance of a Bank of England rate cut in June.