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Money markets pare bets on ECB, BOE rate cuts as Brexit deal hopes grow

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Money markets pare bets on ECB, BOE rate cuts as Brexit deal hopes grow
FILE PHOTO: The logo of the European Central Bank outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach   -   Copyright  Kai Pfaffenbach(Reuters)
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LONDON (Reuters) – Money markets scaled back expectations for interest rate cuts from the European Central Bank and the Bank of England on Tuesday, after news that UK and EU negotiators are nearing a draft Brexit deal.

Euro zone money markets now price a roughly 10% chance of a 10 basis-point rate cut from the ECB at its December policy meeting, compared to a 20% probability on Friday, according to EONIA money market futures. <ECBWATCH>

The chance of a 25 bps rate cut from the Bank of England fell to 76%, compared to around 90% on Friday. <BOEWATCH>

(Reporting by Yoruk Bahceli and Saikat Chatterjee; editing by Sujata Rao)

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