COMMODITIES: WTI Crude Futures Steady After Thursday Drift
Recent weakness in Gold resulted in a breach of the 50-day EMA, and a trendline drawn from the Dec 30 ‘24 low and connected to the Feb 28 low. A clear break of both trend tools would signal scope for a deeper correction, and open $3245.5. WTI futures maintain a bearish tone following the reversal from the Jun 23 high, and recent gains appear corrective. Support to watch is the 50-day EMA, at $65.27. The average has been pierced, a clear break of it would signal scope for a deeper retracement.
- WTI Crude up $0.29 or +0.44% at $66.84
- Natural Gas up $0.01 or +0.15% at $3.339
- Gold spot up $16.02 or +0.48% at $3341.61
- Copper down $5.45 or -0.97% at $552.85
- Silver up $0.47 or +1.27% at $37.4755
- Platinum down $1.61 or -0.12% at $1362.78
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ECB: Small Upward Revision To Latest ECB Wage Tracker; Broader Trend Intact
There were slight upward revisions to the ECB’s forward looking wage tracker compared to the April vintage, but the broader theme of softening compensation pressures remains intact.
- The tracker excluding one-off payments is seen at 3.082% in Q4 2024 (vs 3.024% in the April iteration). The ECB projects compensation per employee growth at 2.8% by the last quarter of this year, down from 3.8% in Q1.
- There were also upward revisions to the share of employees covered by the wage tracker (45% in Q4 2025 vs 43% in April).
- From the ECB: “The downward trend of the forward-looking wage tracker for the remainder of 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024 but drop out in 2025) and the front-loaded nature of wage increases in some sectors in 2024.”
- Little impact in ECB implied rates following the release, as expected.
