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UK unemployment data is due up in 20........>

UK DATA
UK DATA: UK unemployment data is due up in 20 minutes. The Bloomberg survey
shows unemployment is expected to remain at 3.8% with AWE ex bonus falling to
3.0% Y/Y from 3.2% Y/Y (with an upward skew) and ex bonus falling to 3.3% Y/Y
(with a downward skew).
- There is likely to be increased focus on the print, particularly wages,
despite the MPC voting 7-2 to keep rates on hold.
- GBPUSD has recovered off of its lows seen just 15 minutes ago to continue to
flirt with 1.30 while June short sterling futures have been range bound over the
past week in a 99.32-99.35 range. We think that there could be a bigger market
reaction to a disappointing print than a positive print.

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