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Payrolls miss, but most of the release largely in line with exp

UK DATA
  • Overall, most of the headline numbers and wage growth in line with expectations - so should be little market reaction.
  • The payroll miss is disappointing (and saw a downward revision to February too), but unlikely to be enough for any instant market reaction. If there are other disappointing details in here, it might be a bit of a slow burner to see SONIA futures outperform a little later - but probably only on the margin.

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