The Bank of England (BoE) is set to announce its monetary policy today, with expectations for a rate cut for the second time this year. However, the UK's fiscal policies could potentially stimulate a slight rise in inflation, which may cause the central bank to slow down the rate-cutting process.

On the U.S. economic front, the re-election of Donald Trump for a second term as president might lead to policies that further support the domestic economy. Nevertheless, investors are still awaiting additional data to assess the possibility of further rate cuts by the Federal Reserve.

Source: Fxstreet