Investors are keeping an eye on the inflation data of the United Kingdom, which is set to be announced on Wednesday. Projections suggest the Consumer Price Index (CPI) and Core CPI will increase by 4.4% and 5.5% respectively, on a year-over-year basis for November.

The Bank of England (BoE) has maintained its interest rate at 5.25% for three consecutive sessions due to persistently high inflation rates compared to the target rate. Andrew Bailey, the BoE Governor, mentioned it's too early to consider reducing interest rates next year. He further stated that the BoE could potentially raise interest rates further if inflation continues to trend upwards.

However, Ben Broadbent, a BoE policymaker, added that a relaxation in monetary policy would require clear signals of a significant decline in inflation before making accurate decisions.

On the Federal Reserve's, there's a more relaxed monetary policy stance anticipated, with expectations of a 75 basis points interest rate cut in the latter half of 2024.