Traders Price in Two More BOE Rate Cuts After Weak Jobs Data

Traders ramped up bets on interest-rate cuts from the Bank of England to fully price two more quarter-point reductions this year, after data showed a sharp deterioration in the labor market.

Gilts outperformed euro-area peers, with yields down eight to 10 basis points across the curve. Sterling traded around 0.4% weaker at $1.3505, leading losses among Group-of-10 currencies after earlier falling as much as 0.7%.