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No real market reaction to slightly stronger UK activity data

UK DATA
  • In terms of market reaction we initially saw a very, very minor move stronger in GBP FX (but less than 10 pips) and we are exactly back to where we started.
  • We will dig through the data a bit more, but at first glance there's nothing to really impact markets here - as we noted ahead of the release Tuesday's labour market data and next week's inflation data are much more important for monpol, the MPC and hence markets at the moment.
  • Just in terms of the arithmetic:
    • If we see -0.1%M/M in June, we we get -0.1%Q/Q
    • 0.0 to +0.2%M/M in June would give us flat Q/Q
    • +0.3%M/M in June would give us +0.1%Q/Q.

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