NORWAY: Q4 Wages Steady, But Deceleration Expected Through 2025
Norwegian average monthly basic earnings (i.e. excluding one-off payments) growth was 5.2% Y/Y in Q4...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
STIR: 100bp OF ECB Cuts Priced Through '25 Ahead OF EZ Inflation Data
EUR STIRs little changed vs. settlement levels.
- ECB-dated OIS showing ~24bp of cuts for this month and ~100bp through year-end, with the latter 15-20bp less dovish than levels seen ahead of the Christmas break.
- Euribor futures +1.0 to -0.5.
- Flash national (headlined by France & Italy) & Eurozone CPI data dominates the European schedule this morning.
- Headline Y/Y Eurozone CPI is expected to tick up to +2.4% from +2.2%, while the core Y/Y rate is seen steady at +2.7%.
- Yesterday’s German CPI data presents upside risks to the release, with the move higher in German services inflation particularly noteworthy.
- The results from the ECB’s latest inflation expectations survey are also due to cross.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Jan-25 | 2.675 | -24.2 |
Mar-25 | 2.404 | -51.3 |
Apr-25 | 2.218 | -69.9 |
Jun-25 | 2.081 | -83.6 |
Jul-25 | 2.032 | -88.5 |
Sep-25 | 1.965 | -95.3 |
Oct-25 | 1.933 | -98.4 |
Dec-25 | 1.916 | -100.1 |
GOLD TECHS: Support Remains Exposed
- RES 4: $2762.3 - High Nov 1
- RES 3: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
- RES 2: $2726.2 - High Dec 12
- RES 1: $2665.3/2692.8 - High Jan 3 / High Dec 13
- PRICE: $2641.3 @ 07:30 GMT Jan 7
- SUP 1: $2596.2/2583.6 - Low Dec 30 / 19
- SUP 2: $2564.4 - Low Nov 18
- SUP 3: $2536.9 - Low Nov 14 and a key support
- SUP 4: $2511.1 - Low Sep 12
Gold is unchanged. A bear threat remains present despite the latest recovery. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a resumption of gains would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.
MNI: SWISS DEC CPI -0.1% M/M, +0.6% Y/Y
- MNI: SWISS DEC CPI -0.1% M/M, +0.6% Y/Y
