– We expect the Bank of England (BoE) to remain on hold at Thursday’s Monetary Policy Committee (MPC) meeting (13:00 CET).
– On an aggregate level, not much has changed in the outlook for the recovery of UK output with little news in the macroeconomic data. The January numbers for industrial activity were significantly weaker than expected, declining 1.2% m/m, while the Index of Services, on the other hand, increased by 0.8%.The March manufacturing PMI confirmed the weak February reading at 48.3, but given the strength in the much more crucial service PMI in February, we have to wait for the updated reading on Thursday to draw any firmer conclusions.
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Danske Bank