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Gains Considered Corrective

FED

Reverse Repo Operations

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Plenty To Talk About On Taper

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Needle Still Points South

COMMODITIES

Oil Holds Close to Highs, Recovery Secured

UK DATA
UK DATA: July GDP Exceeds Forecast on Service Sector Rebound
-UK July GDP +0.3% m/m vs +0.0 m/m in June
-UK July GDP unchanged 3m/3m vs -0.2% Q2
-UK July Services +0.3%m/m; +0.2% 3m/3m vs +0.1 Q2
-UK July Manufacturing +0.3% m/m; -1.1% 3m/3m vs -2.3% Q2
-UK July IoP +0.1% m/m; -0.5% 3m/3m vs -1.4% Q2
-UK July Construction +0.5% m/m; -0.8% 3m/3m vs -1.3% Q2
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UK GDP expanded by 0.3% in July, shattering expectations of a 0.1% rise. 
Growth was flat over the three months to July, still an improvement on 
the 0.2% decline suffered in Q2. The service sector expanded by 0.3% m/m 
in July, the best performance since last November, contributing 0.28pp 
to total growth. The other output components recorded modest gains, with 
construction posting its highest growth since February.