December British Pound futures were indecisive in today’s session, posting an outside range day by exceeding yesterday's high of 1.3473 and low of 1.3391 but finishing roughly unchanged, preventing a technical outside range reversal confirmation. The market received an early tailwind from stronger-than-expected UK industrial and manufacturing production data. August industrial production rose 0.4% month over month versus 0.2% expected, and manufacturing output climbed 0.7% versus 0.2% expected. With Federal Reserve cuts seen as certain, expectations for the Bank of England (BOE) remain divided. The BOE's current bank rate stands at 4%, and while the consensus is that the BOE will likely hold steady at the November 6th meeting, market sentiment is shifting toward cuts, with a 55% chance of a November move priced in.
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