• Euro trades in tight range against sterling ahead of Fed, BoE decisions

• UK services CPI above BoE f/c (5% vs 4.9%). EU/UK spreads widen further

• Emboldens EUR/GBP shorts with a view to break below 0.82

• BoE expected to stick with gradual rate cut script

• UK rate pricing at peak hawkishness for 2025 nL1N3NJ0FF

• Markets now see only 50bps of cuts next year 0#GBPIRPR

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