BoE odds cut a further 30% - Westpac

Analysts at Westpac noted the pood show of late in UK data.

Key Quotes:

"UK Q1 GDP posted a meagre 0.1% q/q and 1.2% y/y against already low expectations of 0.3% q/q and 1.4% y/y. The Office of National Statistics stated that the miss was only partly related to wintry weather with weakness across all sectors, notably a -3.3% fall in the already weak construction sector." 

"Markets reduced the chance of the BoE raising rates by 25bp in May to around 20%, from around 50% prior to the release. Only 8 days earlier, markets were pricing a 80% chance."

"UK April consumer confidence and housing surveys were also on the weak side of expectations."