Sept 17 (Reuters) - It remains uncertain whether the Bank of England will cut interest rates in the fourth quarter of this year following the release of British inflation data for August on Wednesday. While CPI matched July's 18-month high of 3.8% YY, as expected, inflation for consumer services slowed by fractionally more than forecast to 4.7% YY, from 5.0% in July. The data gives some hope both to doves advocating a BoE rate reduction in November or December, as well as hawks opposed to a Q4 cut. Markets currently see a 39% chance of the BoE cutting rates by 25 basis points to 3.75% by December. <0#GBPIRPR> On Thursday, the BoE is expected to keep its policy rate unchanged, and scale back its Quantitative Tightening programme. UK inflation data for September will be published in mid-October (the BoE last month forecast that CPI would peak at 4% in September). Related comments: For more click on <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GBPUSD https://tmsnrt.rs/3JZI1JV ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Robert Howard is a Reuters market analyst. The views expressed are his own) ((robert.howard@thomsonreuters.com))
