According to Coin World news, Derrick Halpenny of Mitsubishi UFJ stated that the prospect of the Bank of England cutting interest rates more than the market expects will hit the pound. The market's expectations for a rate cut this year appear to be 'too cautious', and the pound's performance later this year may lag behind non-dollar currencies. The pound was the worst-performing G10 currency in the previous trading day, as the UK's December manufacturing PMI was unexpectedly revised downwards, and gas prices surged, slightly increasing expectations for a rate cut in February.