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Analysts at Nomura explained that they sense a strong argument is building for UK rates.  

Key Quotes:

“The significant uncertainty of Brexit has prevented investors from having high conviction in big picture moves.”

“This has led to constrained moves.”

“We think that period is now ending and it is time to prepare for outsized moves.”

“We recommend investors pay the very front-end, receive the very back end and in the belly of the curve pay 5f5y UK against EUR. “