GBP: The British Pound saw a slight increase during yesterday’s session, ahead of Thursday’s Bank of England policy meeting. The U.K. central bank is expected to keep its key interest rate at 5%, following a 25-basis-point reduction in August. In the absence of significant U.K. data, the Pound’s direction may largely depend on market sentiment as investors await the BoE’s rate decision.

EUR: The Euro appears to be consolidating its recent movements after last week’s rate cut by the European Central Bank. ECB President Christine Lagarde lowered expectations for another rate cut next month, stating that the rate path is not predetermined and that the central bank will decide on rates on a meeting-by-meeting basis, without any pre-commitments.

USD: The U.S. Dollar has weakened due to growing expectations that the Federal Reserve will cut interest rates by 50 basis points at the conclusion of tomorrow’s meeting. Investors are currently pricing in a 68% chance of a 50 bps cut and a 32% chance of a 25 bps cut. The Fed is expected to begin an easing cycle that could see interest rates fall by a total of 100 basis points by the end of the year.