The pound pared losses against the dollar, holding near $1.34 after UK economic growth exceeded expectations. GDP rose 0.3% in November, rebounding from a 0.1% contraction in October and surpassing forecasts of a 0.1% increase. Over the three months to November, GDP expanded 0.1%, defying consensus expectations of a 0.2% contraction. Market expectations for monetary easing have shifted slightly: traders are now pricing in around 46 basis points of cuts by year-end, with an 84% probability of a second 25-basis-point reduction in December. A first rate cut remains fully priced in by June, with an 88% chance it will occur in April. Prior to the GDP release, expectations had priced in just under 48 basis points of easing for the remainder of the year, with 23 basis points by April.