Trading news
18 Dec 2025

GBP: BoE signals endgame for easing – TDS

The Bank of England (BoE) delivered a closely split rate cut as expected, stressing that policy decisions will become more finely balanced as the easing cycle nears its end, with only one more cut likely in early 2026, TDS' economists report.

Close vote underscores policy nuance

"The BoE cut in a close vote as expected and indicated that future decisions will become more nuanced as it is closer to the end of the easing cycle. This is in line with our call for one more cut in Q1 26 and then done."

"We remain bullish on the GBP overall as there is scope for positioning there to improve amidst softening USD sentiment, removal of any lingering budget or political risk premia, our relatively hawkish expectations of BoE being done after one more cut and GBP's overall beta to global growth."

Dec 18, 2025

Lagarde speech: We look carefully at appreciation of Euro

Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the December policy meeting and responds to questions from the press.
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Dec 18, 2025

GBP: BoE cuts rates in tight 5–4 vote – Rabobank

The Bank of England (BoE) cut Bank Rate by 25bp to 3.75%, as expected. The 5-4 vote split was also in line with expectations, though markets had probably hoped for a stronger majority after yesterday’s inflation surprise, Rabobank's Senior Macro Strategist Stefan Koopman report.
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