Markets though are still pricing

The Swiss franc firmed to $0.8395, its strongest level against the dollar since January 2015, when the Swiss National Bank discontinued its policy of having a minimum exchange rate against the euro.

Meanwhile, sterling rose to $1.2816, its highest since Aug. 10. The pound is headed for a 6% gain in the year, its strongest performance since 2017.

Investors expect that the Bank of England will not be able to cut rates as much as the Fed and ECB, given inflation is running higher in the UK.

That has widened the gap between British bond yields and those in the U.S. and Europe, making them look more attractive and boosting the pound.