NORWAY: Non-seasonally Adjusted Registered Unemployment Unch at 2.0%
NAV has once again not published seasonally adjusted registered unemployment data due to a recent change in IT systems, but the non-seasonally adjusted registered unemployment rate was steady at 2.0%. The number of registered unemployed persons rose to 60,614, from 59,566 in May and 56,953 last June. This was still below the Q1 average of 66,090 though,
- Despite the inconvenience of no seasonally adjusted data, the report doesn’t point to any notable deterioration in labour market conditions.
- Seasonally adjusted vacancies totalled 1,874 per working day, above May’s 1,805 but below last June’s 1,902. NAV notes that “the most vacant positions are in health, nursing and care (7,100), retail and sales work (4,100), and service occupations and other work (3,100)”.
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BTP TECHS: (M5) Resumes Its Uptrend
- RES 4: 122.00 Round number resistance
- RES 3: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)
- RES 2: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing
- RES 1: 121.00 High Feb 7 (cont) and a key resistance
- PRICE: 120.76 @ Close May 27
- SUP 1: 119.93 20-day EMA
- SUP 2: 119.40/00 50-day EMA / Low May 14
- SUP 3: 118.76/09 Low Apr 15 / 14
- SUP 4: 117.28 Low Apr 10
A bull cycle in BTP futures remains intact and this week’s gains reinforce current conditions. Key support to watch lies at 119.40, the 50-day EMA. A clear break of the average would signal scope for a deeper retracement, and open 118.76 initially, the Apr 15 low. On the upside, key resistance and the bull trigger at 120.72, the May 8 high, has been breached. This confirms a resumption of the uptrend and opens the 121.00 handle next.
GILT TECHS: (U5) Monitoring Resistance
- RES 4: 92.53 High May 8 (cont)
- RES 3: 92.40 Low May 8
- RES 2: 92.00 Round number resistance
- RES 1: 91.87/89 High May 20 / 27 and key near-term resistance
- PRICE: 91.27 @ Close May 27
- SUP 1: 91.08/90.46 Low May 27 / 23
- SUP 2: 90.11 Low May 22 and the bear trigger
- SUP 3: 90.00 Round number support
- SUP 4: 89.68 Low Jan 15 (cont)
A bear cycle in Gilt futures remains in play and last week’s move lower reinforces the bearish theme. The contract has recovered from its recent lows - gains are considered corrective and this is allowing a short-term oversold condition to unwind. The bear trigger has been defined at 90.11, the May 22 low. Key short-term resistance to watch is 91.87, the May 20 high. It has been pierced, a clear break of this level is required to highlight a stronger reversal.
FINLAND T-BILL AUCTION PREVIEW: On offer next week
Finland has announced it will be looking to sell a combined E2bln of the following at its auction next Tuesday, June 3:
- the 8-month Feb 13, 2026 RFTB
- the new 11-month May 13, 2026 RFTB
