What are the main events for today?

May 21, 2025
-FXnews

It’s going to be a boring day on the data front as we just have the UK CPI report on the agenda. The Core CPI Y/Y is expected at 3.6% vs. 3.4% prior, while the Services CPI Y/Y is seen at 4.8% vs. 4.7% prior. Just by looking at these numbers I really can’t understand why the BoE cut rates at the last meeting. They still have a long way to go to sustainably reach their 2% target.

The market is pricing an 87% probability of no change at the upcoming meeting and a total of 41 bps of easing by year-end. As of now, I think there’s a mispricing and the market should expect just one rate cut at most

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