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Following the soft UK preliminary Q1 GDP......>

SONIA
SONIA: Following the soft UK preliminary Q1 GDP data, MNI PINCH now calculate
only a 34% chance of a 25bp rate hike at BoE meeting in May, down from 56% just
this morning. As for August the market is seen pricing in in a 2 out of 3 chance
of a rate hike down from 85%.

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