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Activity data due at 7:00BST

UK DATA
  • Monthly activity data is due for release this morning, including the estimate of monthly GDP for July.
  • The Bloomberg consensus has a median expectation of -0.2%M/M with an upside skew to the survey while 75% of analysts look for this to equate to a +0.3%3m/3m print.
  • In terms of the major components (services, IP, construction) - the median for all expect to see M/M falls.
  • Following yesterday's labour market report, there was focus on the possible peaking of private sector wage growth, leading to an increase in expectations for the peak rate to 5.66% by the end of the day.

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