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Country Focus

UK Data Bounce Reflects Pent-Up Demand, Not Strength

by Felix-Antoine Vezina-Poirier, Chief Strategist  

Overweight UK gilts and favor GBP 2-year/10-year steepeners as stronger November data reflect pent-up demand, not a shift in the weak UK outlook. UK hard activity data for November surprised to the upside. Industrial production rose 1.1% m/m after a 1.3% gain…

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