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PMI due at 9:30BST

UK DATA
  • The Bloomberg consensus for the UK PMI manufacturing is 52.0 and services 53.0.
  • However, after the disappointing French, German and Eurozone prints, markets are probably looking for prints 1-2 points lower than the stale consensus.
  • With SONIA futures generally 10-13 ticks higher on the day, if we did see the UK PMI prints coming in closer to the stale consensus we are likely to see at least a partial reversal of some of these moves.
  • However, if we saw sub-50 prints for the UK, it is likely that the moves higher in the SONIA strip could extend even further from here.

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