The UK job market shows signs of stabilizing, and markets bet on a cooling of the Bank of England's rate hike expectations.

```htmlGolden Ten Data reported on June 18 that, a few hours before the Bank of England releases its rate decision, data from the UK's Office for National Statistics indicates the UK labor market is performing better than expected. The data shows that employment increased by 2,000 people in May, significantly better than economists' forecast of a decrease of 23,000. Meanwhile, the decline in employment in April was revised from 100,000 down to 53,000. In the three months ending April, the unemployment rate fell slightly to 4.9%, while job vacancies dropped to their lowest level since early 2021. This data suggests that, although the UK labor market remains weak, its deterioration may not be as severe as economists feared. The day before this data release, UK inflation figures came in weaker than expected. Additionally, following announcements from the US and Iran that they had agreed to a ceasefire aimed at reopening the Strait of Hormuz, global energy prices have recently fallen sharply. This series of positive news has cooled market expectations for the Bank of England raising interest rates to curb inflation. The Bank of England will announce its rate decision later today, and the market widely expects it will keep rates unchanged at 3.75%.```