SECURITY: US Edges Closer To Imposing New Penalties On Russia

Eurozone posted wage growth eased back to 2.55% Y/Y in August, after 2.67% in July and 2.55% in June (with small upward revisions seen to prior months) according to the latest Indeed wage tracker. That meant 3m Y/Y growth was broadly steady at 2.59% Y/Y (vs 2.56% prior). 

• As we have noted in recent months, the Indeed wage tracker’s usefulness as an indicator has declined since the ECB started publishing its own forward-looking negotiated wage tracker. Additionally, there remain some questions marks around the robustness of the data, particularly with Italy registering a supposed fourth consecutive month of 0% posted wage growth. The Eurozone-wide sample also remains dominated by observations in France.
• The ECB’s next wage tracker update will be released on Wednesday. At the September press conference, President Lagarde noted that “Forward-looking indicators, including the ECB’s wage tracker and surveys on wage expectations, suggest that wage growth will moderate further”. 

Gold is extending higher again, piercing last Tuesday's prior all-time high of $3,674, currently up 1% today at $3,679.

• A clear breach of last Tuesday's high would expose round number resistance at $3,700.
• Silver has also rallied over the past few hours, now up 1% on the session at $42.6/oz. Silver is testing resistance at $42,606 (2.236 proj of the Jul 31 - Aug 14 - 20 price swing), with next resistance seen at $42.974 / $43.000

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