[ING: Greater Room for Adjustment in Bank of England Rate Hike Expectations, GBP May Weaken Against EUR] Jin10 News, April 1 – Francesco Pesole of ING stated in a report that the British pound may weaken against the euro, as there is greater room for the market to lower its expectations for Bank of England rate hikes compared to the European Central Bank. Bank of England officials have been cautious in their rhetoric on rate hikes, and the central bank had been prepared to cut rates even before the outbreak of the Iran war. Additionally, the UK economy may be one of the economies most severely impacted by the energy price shock. ING believes the market will fully price in the expectation that the Bank of England will no longer raise rates. According to LSEG data, the UK money market is currently pricing in a cumulative 48 basis points of rate hikes by December, compared to 62 basis points for the European Central Bank.