According to CoinMeta, Chris Turner, an analyst at ING Group, stated that the data released on Tuesday indicates that the UK job market remains weak and wage pressures are being contained. This means that the Bank of England (BoE) lacks the momentum to raise interest rates this year, and the pound may continue to decline. Data shows that the money market still expects the BoE to raise interest rates by 60 basis points next year. Turner said in a report, "Over the next 3 to 6 months, this expectation should gradually be absorbed by the market, but energy prices will have a significant impact on when interest rates are raised." He noted that the UK will release its July inflation report on Wednesday, and if inflation data for the services sector declines, it will further weaken the case for raising interest rates. The euro rose 0.1% to 0.8556 against the pound during the day, and ING believes that the exchange rate could rise to 0.8570-0.8580.