NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

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MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

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RBA Data Watch

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Activity data disappoints broadly; may make Greene more likely to vote unch

UK DATA
  • UK activity data appears to have missed across the board - headline GDP and services both 2 tenths lower than expected in M/M terms. IP saw an even bigger miss (falling -0.8%M/M vs -0.1%M/M consensus), with manufacturing falling -1.1%M/M (flat expected). Construction also weaker than expected.
  • As we noted above, we still don't think this will change any votes in this meeting (possibly makes Greene a little more likely to vote for on hold - we assigned her a 60% subjective probability to voting for a 25bp hike yesterday).
  • GBPUSD is down 20+ pips from above 1.2550 to below 1.2530 at writing.
  • We might see another leg lower for GBP FX when SONIA markets open (similar to yesterday).
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