No real reaction in GBP STIRs to Tuesday's late tariff developments, with Bunds recovering all of th...
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Norwegian January CPI-ATE was above Norges Bank’s December MPR projection (2.8% Y/Y vs 2.6% expected, 2.7% prior). However, the upside surprise appears driven by food and goods inflation, rather than services. This should support expectations for a gradual Norges Bank easing cycle this year.
The Feb 3 initial sell-off in the S&P E-Minis contract and the breach of support at 5948.00, Jan 27 low, continues to highlight a possible S/T reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.