Expectations for a rate cut by the ECB within June have consistently risen, as ECB policymaker Villeroy de Galhau hinted on Thursday that there might be a rate cut at the next meeting unless inflation rates increase again.

The decreasing inflation rates have heightened expectations for a rate cut by the Bank of England (BoE), with investors anticipating the first rate cut to occur in November.

Investors are still awaiting the release of the UK's April PMI data, scheduled for Tuesday. The services sector PMI is expected to slightly decrease to 53.0 from 53.1, while manufacturing PMI is forecasted to continue expanding at 50.3.