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Monthly activity data due at 7:00BST

UK
  • UK monthly GDP and it components will be released at 7:00BST.
  • The majority of analysts look for a print in the range of -0.1%M/M to +0.1%M/M with the Bloomberg median looking for a flat print.
  • The market will also have one eye on whether the BOE will may any further tweaks to its temporary bond buying programmes - with announcements the previous two days at 7:00BST.
  • Given Governor Bailey's reiteration last night that the BOE would end purchases this week, we think this is unlikely today.
  • However, we would look to the 9:00BST announcement of the operation sizes to see if there will be any increase in the sizes of today's purchase operations above GBP5bln for long-conventional gilts and GBP5bln for index-linked gilts.

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