- Q4 CPI in Australia was below expectations, with markets now pricing in close to 100% odds of a February rate from the RBA. Services inflation was still sticky though. The A$ fell, but damage has been limited by USD weakness elsewhere.
- It has been a quiet session so far for US sys, futures are all trading higher however ranges have been narrow. JGB futures are little changed, +2 compared to settlement levels. Most other Asian markets have been shut for LNY.
- The Fed is expected to leave rates unchanged today (see MNI Fed Preview). The BoC is forecast to cut rates 25bp to 3%. December US trade and inventories, estimated Q4 Spanish GDP and December euro area M3 also print.
MARKETS
- It has been a quiet session so far for tsys, futures are all trading higher however ranges have been narrow. TU is +01 at 102-29⅜, while TY is +06 at 109-07.
- The medium-term trend remains bearish, however a bullish short-term cycle highlights a corrective phase and the TY contract is holding on to its recent gains. Attention is on 109-12+, the 50-day EMA - a level tested on Monday. A clear break of this EMA would strengthen a bullish theme and open 109-31, the Dec 18 high. The bear trigger is 107-06, the Jan 13 low. Initial support has been defined at 108-00, the Jan 16 low.
- Cash tsys yields are 1-2bps lower today, the belly is outperforming again, with the 7yr -1.6bps at 4.409%, while the 10yr is -1.2bps at 4.520%.
- Projected rate cuts through mid-2025 have eased vs. late Monday (*) levels as follows: Jan'25 at -0.1bp (-0.7bp), Mar'25 at -7.8bp (-8.3bp), May'25 at -15.4bp (-15.9bp), Jun'25 at -26.5bp (-27.9bp), Jul'25 at -32.1bp (-33.7bp).
- The Fed is expected to hold rates steady at 4.25%-4.5% this week, following three consecutive rate cuts since September. Policymakers aim to assess the impact of persistent inflation and President Trump’s bold economic policies on trade, taxation, and regulation. Powell will likely face questions about Trump’s influence on monetary policy, the “neutral rate,” and conditions for future rate changes. While inflation progress has stalled, December data offered some relief, and the Fed plans to retain flexibility for adjustments as needed. Powell’s press conference is set for Wednesday afternoon.
JGBS: Cash Bond Twist Flattener Ahead Of FOMC
JGB futures are little changed, +2 compared to settlement levels.
- In December 2024, the BoJ Board expressed caution about raising interest rates, yet proceeded with the rate hike a month later, the month's meeting minutes showed. A majority of BoJ members voted to maintain the uncollateralized overnight call rate at 0.25% while continuing government bond purchases of 4.9 trillion yen monthly.
- Demand to borrow Japanese bonds surged amid speculation of investors closing out bearish positions. The benchmark repurchase-agreement rate dropped to its lowest since August, signalling stronger demand to borrow bonds. The BoJ's bond lending surged to a 10-month high, with ¥8.6 trillion loaned out so far this week, to ease bond shortages. (per BBG)
- Cash US tsys are 1-2bps richer in today’s Asia-Pac session ahead of today’s FOMC meeting.
- The cash JGB curve hast twist-flattened, pivoting at the 5-year, with yields 1bp higher to 5bps lower. The benchmark 10-year yield is 1.1bp lower at 1.191% versus the cycle high of 1.262%.
- The swaps curve has bull-flattened, with rates flat to 5bps lower. Swap spreads are mostly tighter.
- Tomorrow, the local calendar will see International Investment Flow data alongside BoJ Rinban Operations covering 5-10-year, 25-year+ and Inflation Linked JGBs.
AUSSIE BONDS: Holding Richer After Q4 CPI Miss, FOMC Later Today
ACGBs (YM +7.0 & XM +5.0) are sharply richer after today’s Q4 CPI data came in slightly below expectations across most metrics.
- Q4 trimmed mean inflation rose 0.5% q/q driving a moderation in the annual rate to 3.2% from an upwardly revised 3.6% in Q3. It excluded electricity and fuel prices and the increase was driven by recreation while housing (new dwellings -0.2% q/q) helped to offset it.
- Cash ACGBs are 5-7bps richer with the AU-US 10-year yield differential at -15bps.
- Cash US tsys are ~1bp richer in today’s Asia-Pac session ahead of today’s FOMC meeting.
- Swap rates are 6-7bps lower, with the 3s10s curve steeper.
- The bill strip pricing is +5 to +8.
- The RBA noted in the December minutes that “underlying inflation was still too high, underpinned by persistently high services price inflation”. Q4 data hasn’t improved this.
- Services inflation moderated to 4.3% y/y in Q4 from 4.6% but is still elevated and in line with the trend since Q4 2023.
- RBA-dated OIS pricing is 3-8bps softer across meetings on the day. A 25bp rate cut is more than fully priced for April (138%), with the probability of a February cut at 92% (effective cash rate of 4.34%).
- Tomorrow, the local calendar will see Q4 Terms Of Trade data.
STIR: RBA Dated OIS Softer After Q4 CPI Miss
RBA-dated OIS pricing is 4-9bps softer across meetings after today’s Q4 CPI data, with August leading.
- Q4 CPI measures printed 0.1pp below consensus with underlying measures trending towards the top of the RBA’s 2-3% band but still “some way” from the 2.5% mid-point. The data should increase the RBA’s “confidence that inflation is moving sustainably towards target” as annual rates printed 0.2pp below its November forecasts. There will be updated projections at its February 18 meeting and the timing of 2.5% trimmed mean inflation will be important for its decision.
- A 25bp rate cut is more than fully priced for April (135%), with the probability of a February cut at 91% (based on an effective cash rate of 4.34%). February was at 76% before the data.
Figure 1: RBA-Dated OIS – Post-CPI Vs. Pre-CPI
Source: MNI – Market News / Bloomberg
AUSSIE BONDS: Yield Curve Near Cycle High & 3YY Lowest Since November
The Australian 3/10 cash curve is hovering near its steepest level since early January and above the upper range it had traded in since late 2022.
- The steepening of the Australian curve has coincided with the recent downward movement in the 3-year yield.
- The 3-year yield is down 30bps since mid-January as RBA easing expectations have gathered momentum.
- RBA-dated OIS pricing is 4-7bps softer across meetings after today’s Q4 CPI data.
- A 25bp rate cut is more than fully priced for April (135%), with the probability of a February cut at 91% (based on an effective cash rate of 4.34%). February was at 76% before the data.
Figure 1: AU 3/10 Yield Curve (%) Vs. 3-Year ACGB Yield (%)
Source: Bloomberg / MNI - Market News
AUSSIE BONDS: AU-US10Y Spread Sits In Bottom Half Of Range
The AU-US 10-year cash yield differential sits at -15bps following today’s Q4 CPI data, firmly in the lower half of the ±30bps range that has largely held since November 2022.
- A simple regression of the AU-US 10-year yield differential against the AU-US 1-year forward 3-month swap rate (1Y3M) differential over the past year suggests the current 10-year yield spread is near fair value, estimated at -13bps.
- The 1Y3M differential, a key proxy for anticipated relative policy trajectories over the next 12 months, has traded within a relatively narrow range this year. However, it remains approximately 85bps lower than its mid-September level, having declined from +55bps to -30bps.
Figure 1: AU-US Cash 10-Year Yield Differential (%)
Source: MNI – Market News / Bloomberg
AUSTRALIA DATA: Inflation Heading Towards Band, Services Stay Sticky
Q4 CPI measures printed 0.1pp below consensus with underlying measures trending towards the top of the RBA’s 2-3% band but still “some way” from the 2.5% mid-point. The data should increase the RBA’s “confidence that inflation is moving sustainably towards target” as annual rates printed 0.2pp below its November forecasts. There will be updated projections at its February 18 meeting and the timing of 2.5% trimmed mean inflation will be important for its decision.
Australia CPI y/y%
Source: MNI - Market News/Refinitiv/ABS
- The lower-than-expected Q4 outcome is likely to bring down near-term inflation forecasts but the labour market remains tight with its moderation having stalled, the AUD is softer and productivity growth remains very weak. These other factors may result in the target mid-point still only achieved in mid- to late-2026 and a rate cut pushed out into Q2.
- Q4 trimmed mean inflation rose 0.5% q/q driving a moderation in the annual rate to 3.2% from an upwardly-revised 3.6% in Q3. It excluded electricity and fuel prices and the increase was driven by recreation while housing (new dwellings -0.2% q/q) helped to offset it.
- Services inflation moderated to 4.3% y/y in Q4 from 4.6% but is still elevated and in line with the trend since Q4 2023. It appears to still be moving sideways, while core services picked up 0.1pp to 4.2% y/y and rose 1.1% q/q and continues to prove sticky. The ABS said that rents, medical & hospital services and insurance are keeping services high.
- The RBA noted in the December minutes that “underlying inflation was still too high, underpinned by persistently high services price inflation”. Q4 data hasn’t improved this.
- The ABS noted that without the government’s electricity rebates, prices would have risen 0.2% q/q compared to the 9.9% q/q drop recorded.
Australia services CPI y/y%
Source: MNI - Market News/Refinitiv/ABS
AUSTRALIA DATA: Sharp Moderation In December Trimmed Mean
December headline CPI inflation rose 0.2% m/m (seasonally adjusted) to be up 2.5% y/y after 2.3% y/y. The trimmed mean moderated 0.5pp to 2.7% y/y, the lowest in three years. The other measure of underlying inflation, CPI ex volatile items & holiday travel, rose 0.2% m/m to be up 2.7% y/y down from 2.8%. Lower rental, new dwelling, clothing and insurance inflation all helped to drive underlying inflation lower.
- Services inflation moderated to 3.7% y/y from 4.2%, the lowest since December 2023, and non-tradeables rose 3.0% y/y, the lowest in over three years. The RBA prefers the quarterly CPI data but is likely to be reassured by the moderation in domestically-driven inflation seen at the end of 2024 but 3-month momentum is again picking up in both series and so will likely continue to be monitored closely.
- There was a pickup in goods and tradeables inflation in December with both up 1.4% y/y after being below 1% in November.
Australia CPI y/y%
BONDS: NZGBS: Closes At Bests After Spillover From ACGBs
NZGBs ended the session at their strongest levels, 1-2bps richer, supported by a post-CPI spillover from ACGBs. ACGBs gained 6-8bps after Australia's Q4 CPI came in slightly below market expectations, reinforcing the likelihood of an RBA rate cut on February 18.
- The local market was slightly cheaper before the Australian CPI release, with key domestic drivers being Finance Minister Willis' appearance at a parliamentary select committee hearing and a speech from RBNZ Chief Economist Paul Conway.
- Conway noted that easing domestic pricing intentions and the recent drop in inflation expectations pave the way for further easing, as outlined in the November Monetary Policy Statement. However, he cautioned that given ongoing uncertainty, the RBNZ will need to "feel our way" as the OCR approaches neutral.
- Swap rates closed 2-3bps lower.
- RBNZ dated OIS pricing closed flat to 5bps softer across meetings, with November 2025 leading. 48bps of easing is priced for February, with a cumulative 117bps by November 2025.
- The local calendar will see Trade Balance and ANZ Business Confidence data tomorrow.
- Tomorrow, the NZ Treasury plans to sell NZ$200mn of the 1.50% May-31 bond, NZ$200mn of the 4.25% May-36 bond and NZ$100mn of the 1.75% May-41 bond.
NEW ZEALAND: RBNZ’s Conway Suggests Further Easing As “Signalled In November”
RBNZ chief economist Conway said today that further easing of the OCR as “signalled in November” should be possible given easing domestic price intentions and inflation expectations. He is ‘confident domestic inflation will abate’ given spare capacity in 2025. In its November projections, it had another 50bp rate cut in Q1 2025 and the only meeting this quarter is on February 19.
- He said that long-term nominal rates are estimated at 2.5% to 3.5% and Conway expects them to trend down towards 3%, excluding shocks. Thus the current OCR at 4.25% is restrictive.
- As the policy rate approaches neutral, Conway stated that the RBNZ will “need to ‘feel our way’” given heightened uncertainty.
- Potential growth is being pressured by weak productivity and moderating migration flows though. It is expected at 1.5-2%/year over the next three years.
NEW ZEALAND: Mortgage Lending Rising Strongly
The RBNZ began its easing cycle in August of 2024 and has now cut the OCR 125bp to 4.25% with another 50bp likely on February 19. While we won’t know the impact of this on growth for some time given GDP data lag, the RBNZ’s data for December showed the recovery in residential mortgage lending is strong and broad-based. Dwelling prices have been weak but this increase in demand should be seen here soon.
NZ new mortgage lending %
- Total new residential mortgage lending rose 53% y/y in December and seasonally adjusted +18% m/m. The data is volatile but the 3-month average of the annual rate climbed to 32.2% from 23.3%. The level is its highest in just over three years.
- The strength wasn’t due to one particular group of home borrowers. Lending to first time homebuyers rose 10.4% y/y 3-month moving average, to other owner occupiers +32.8% and to investors it soared 62.3%.
NZ new mortgage lending by type %
Source: MNI - Market News/Refinitiv
FOREX: A$ Down As Feb Nearly 100% Priced For A Cut, USD Softer Elsewhere
The USD has lost some ground as Wednesday Asia Pac trade unfolds. The BBDXY index was last back under 1300, off a little over 0.10%. Aggregate G10 moves have remained fairly well contained so far. A lot of Asia markets are closed today, including China/HK and Singapore, which has curtailed liquidity, whilst the FOMC is due later in the Wednesday US session.
- The A$ has seen the largest swings, thanks to the Q4 CPI miss (for both headline and trimmed mean). AUD/USD got to lows of 0.6227, but sits slightly higher in latest dealings near 0.6240 (off around 0.25%). Market pricing for the Feb RBA meeting is close to 95% priced (Westpac joined two other local banks in forecasting a rate move in Feb). April is more than 100% priced. AU-US yield differentials are lower, but haven't seen a sharp move so far today.
- NZD/USD fell in sympathy with AUD, but also sits up from session lows, last near 0.5660/65. Earlier the RBNZ's Conway stated that further easing from the central bank is likely (as they signalled late last year).
- The AUD/NZD cross is back in the 1.1015/20 region, post CPI lows were at 1.1007, levels last seen in Dec 2024.
- Regional equity markets, which are open, are higher, while US futures are also a touch firmer, but have been largely range bound. US yields sit slightly lower, with losses around 1bps or slightly more.
- USD/JPY is a touch lower, last near 155.30 but remains within recent ranges. Monday highs were just short of 156.00 and today we got to 155.79 in earlier dealings. The BoJ Dec Mins were released earlier, with "Many members pointed out that economic activity and prices had been developing in line with the Bank's outlook at the meeting." This obviously came before the central bank raised rates at the Jan policy meeting.
- Looking ahead, we have the Fed decision as the main focus point. No change is expected but the tone will be watched in terms of the outlook. Before the Fed, the BoC is expected to cut rates by 25bps.
EQUITIES: Aus & Japanese Equities Higher, Focus Turns To FOMC & Earnings
Asian equities are higher today, tracking Wall Street’s tech-led rebound, as focus shifted to the Fed's rate decision and US Big Tech earnings. Japan and Australia led gains, while most regional markets were closed for Lunar New Year. The MSCI Asia Pacific Index rose 0.2%, with Sony and Toyota among the biggest boosts.
- Japanese stocks rebounded as Nvidia’s 8.9% rally helped ease concerns over DeepSeek’s AI model impact. The TOPIX is 0.75% higher, while the Nikkei is trading 0.80% higher
- Australia's ASX 200 jumped 0.80% after cooler-than-expected inflation data boosted expectations of an RBA rate cut in February. Tech led gains (+2.3%), while uranium stocks rebounded. BHP and Rio Tinto fell, but Fortescue gained 1%.
- US equity futures are trading mixed today, with the NASDAQ up 0.10% while Dow Futures down 0.05% lower, this follows the NASDAQ jumping 2% overnight, while the S&P 500 closed 0.90% higher.
- Markets are watching the Fed's rate decision on Wednesday, where rates are expected to remain unchanged but Powell’s guidance on a possible March cut will be key. Major US tech earnings from Tesla, Microsoft, and Meta are due the same day, followed by Apple on Thursday. The ECB will also announce its policy decision on Thursday, alongside Eurozone GDP and unemployment data. Other notable releases include US Q4 GDP (Thursday), PCE inflation, and employment cost index (Friday), which will shape expectations for Fed policy in 2025.
OIL: Crude Range Trading As Markets Wait For EIA Data & Fed Decision
Crude has held onto most of Tuesday’s gains and traded in a narrow range during the APAC session with much of the region closed for holidays. WTI is down 0.2% to $73.64/bbl following a low of $73.56, while Brent is 0.2% lower at $77.33/bbl after reaching $77.27. Benchmarks are holding above their 50-day EMAs. Markets remain alert to US tariff news. The USD index is down 0.1% ahead of the Fed decision later today.
- Bloomberg reported that US inventories rose 2.86mn barrels last week, according to people familiar with the API data. There has been a sharp increase of flows from Canada to beat the February 1 introduction of tariffs. Gasoline stocks rose 1.89mn while distillate fell 3.75mn. Official EIA data is released later today and a stock build would be the first since mid-November.
- Oil is the most important Canadian export to the US and over half of US crude imports come from Canada. President Trump has threatened 25% tariffs from Saturday, which would likely increase domestic fuel prices.
- Bloomberg observes that WTI futures prices are signalling market tightness with the prompt spread 85c/barrel in backwardation.
- The Fed is expected to leave rates unchanged today (see MNI Fed Preview). The BoC is forecast to cut rates 25bp to 3%. December US trade and inventories, estimated Q4 Spanish GDP and December euro area M3 also print.
Gold Competes with USD as Tariff Trade Favourite.
- Gold bounced back from Monday’s decline to post a strong day on Tuesday.
- Gold had suffered at the hands of a strong USD but ultimately overnight it’s ‘safe-haven’ status prevailed, rallying to regain most of Monday’s losses.
- Opening at US$2,740.81and doing very little in the morning session, it’s fortunes changed rallying for most of the afternoon to finish at $2,763.31.
- President Trump said Monday evening that he ‘wants to impost across the board tariffs that are much bigger than 2.5%” and that he has in his mind what the number will be to protect the country.
- Gold now turns its attention away from tariffs for a moment as the Federal Reserve meets this week to decide the next move for interest rates.
- The current market consensus is for the Fed to stay on hold at this week’s meeting.
- As gold is not interest baring, a cut in rates is considered good for gold as the cut reduces the cost of financing.
ASIA FX: Seasonality Less Positive For Asian Currencies As We Progress Into Feb
January to date has seen Asian currencies outperform relative to historical seasonality. The chart below plots average Asia Dollar performance (ASIADOLR index on BBG) by calendar month (last 10 years as a sample period). On average the Asian currency index has risen close to 0.40% against the dollar. In January 2025 to date we are up around 0.90%. Lack of fresh tariff action from the returning Trump administration has certainly been a positive.
- Historically, positive January Asia FX seasonality is likely to reflect a number of factors: whether it be repatriation of earnings by China corporates ahead of LNY, or fresh capital being put to work in bond and equity markets (a factor that has aided Indonesia in the past), or positive Thailand tourism flows etc.
- As we progress into February though, seasonality has, historically, been less positive. On average the Asia dollar index loses close to 0.60%. After May, it is the second worst month of the year from a seasonality standpoint. No doubt some of the positives typically associated with January related FX flows, slow as we progress into February.
Fig 1: Asia Dollar Seasonality Typically A Headwind in Feb (last 10yrs Average Monthly Performance)
Source: MNI - Market News/Bloomberg
- In the context Feb 2025, tariff concerns will be front and center from an investor standpoint. Trump has mentioned the Feb 1 date as a potential launch point for some tariffs against Canada, Mexico and also China. If Feb 1 comes and goes without any tariff action we may see a further relief rally in regional FX, albeit with a less supportive seasonality backdrop.
- This backdrop is in part tied to the tight inverse relationship the Asia dollar index has displayed with the US 10yr real yield, see the second chart below (where the US real 10yr is inverted on the chart). Outside of tariffs (and its impact on US yields), the very elevated US real yield backdrop remains a headwind to Asia FX, with continuing uncertainty around the extent of further Fed easing in 2025.
Fig 2: Asia Dollar Index Versus US Real 10yr Yield (Inverted)
Source: MNI - Market News/Bloomberg
THB: USD/THB Down, But Jan Lows Intact, Seasonals Less Positive In Feb/Mar
Thailand is one of the few Asia Pac markets open today. USD/THB sits lower, last around 33.70/75, keeping us within recent ranges. We are comfortably sub all the key EMAs. with the 20-day trending down to 34.15 in latest dealings. Recent lows in the pair rest at 33.61, seen last week.
- Baht is broadly following USD trends, up around 0.55% so far in January. Most G10 currencies are up against the USD over this period. Lower US-TH government bond yield differentials have also helping, along with higher gold prices in the cross-asset space. Local equities are struggling for topside momentum though. Jan has still seen net outflows from local stocks and bonds by offshore investors.
- Local data yesterday showed a slump in car sales for 2024, with declining loan approvals a headwind. This doesn't bode well for the domestic demand backdrop, although the level of car sales, is up from recent cycle troughs. Officials expect better growth this year compared to last well more broadly for the economy.
- Dec manufacturing production, along with Dec trade figures, are out this Friday (as well as the overall BoP balance).
- As Jan draws to a close, focus will shift to the outlook for the rest of Q1. Seasonality is less positive for THB through Feb/Mar. On average (using the past 10yrs as the sample period), THB has lost 0.70% in Feb and then 0.55% in March. This follows an average 0.80% baht gain in Jan. If tourism flows spill over into Feb of this year, it could be an offset to seasonal norms, a lot will also depend on the broader USD/tariff backdrop from the Trump administration.
India reviews Donald Trump's new trade policy
- New Delhi: India is conducting a legal review of US President Donald Trump's America First Trade Policy to gauge its implications on the country's trade agenda. (source: India Economic Times)
- FM Sitharaman to bring income tax cheer for salaried taxpayers? GDP growth, record capex in focus (source: Times of India)
- Following Monday’s weakness India’s NIFTY 50 is set for it’s second successive positive day up +0.51% in early trading and is on track to recoup Monday’s losses.
- INR: with regional peers out, it is unsurprising as the economy watches the budget releases that the Rupee is quiet today, down just -0.6 at 86.58.
- Bonds: the news of liquidity injection into the financial system gave an initial boost to bonds but it appears that it may been short lived with bonds steady today and the IGB 10YR unchanged at 6.68%
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 29/01/2025 | 0700/0800 | * |  DE | GFK Consumer Climate |
| 29/01/2025 | 0700/0800 | ** |  SE | Private Sector Production m/m |
| 29/01/2025 | 0700/0800 | SE | Flash Quarterly GDP Indicator | |
| 29/01/2025 | 0800/0900 | *** |  ES | GDP (p) |
| 29/01/2025 | 0830/0930 | *** | SE | Riksbank Interest Rate Decison |
| 29/01/2025 | 0900/1000 | ** |  EU | M3 |
| 29/01/2025 | 0900/1000 | ** |  IT | ISTAT Consumer Confidence |
| 29/01/2025 | 0900/1000 | ** | IT | ISTAT Business Confidence |
| 29/01/2025 | 1200/0700 | ** |  US | MBA Weekly Applications Index |
| 29/01/2025 | 1330/0830 | ** | US | Advance Trade, Advance Business Inventories |
| 29/01/2025 | 1415/1415 |  GB | BOE's Bailey at Treasury Select Committee | |
| 29/01/2025 | 1445/0945 | *** |  CA | Bank of Canada Policy Decision |
| 29/01/2025 | 1530/1030 | ** | US | DOE Weekly Crude Oil Stocks |
| 29/01/2025 | 1900/1400 | *** | US | FOMC Statement |
| 30/01/2025 | - | EU | European Central Bank Meeting | |
| 30/01/2025 | 0030/1130 | ** |  AU | Trade price indexes |
| 30/01/2025 | 0630/0730 | ** |  FR | Consumer Spending |
| 30/01/2025 | 0630/0730 | *** | FR | GDP (p) |
| 30/01/2025 | 0700/0800 | ** | SE | Retail Sales |
| 30/01/2025 | 0700/0800 | ** | DE | Import/Export Prices |
| 30/01/2025 | 0800/0900 | ** | SE | Economic Tendency Indicator |
| 30/01/2025 | 0800/0900 | *** | ES | HICP (p) |
| 30/01/2025 | 0800/0900 | ** |  CH | KOF Economic Barometer |
| 30/01/2025 | 0900/1000 | *** | IT | GDP (p) |
| 30/01/2025 | 0900/1000 | *** | DE | GDP (p) |
| 30/01/2025 | 0930/0930 | ** | GB | BOE M4 |
| 30/01/2025 | 0930/0930 | ** | GB | BOE Lending to Individuals |
| 30/01/2025 | 1000/1100 | ** | EU | Unemployment |
| 30/01/2025 | 1000/1100 | * | EU | Consumer Confidence, Industrial Sentiment |
| 30/01/2025 | 1000/1100 | *** | EU | EMU Preliminary Flash GDP Q/Q |
| 30/01/2025 | 1000/1100 | *** | EU | EMU Preliminary Flash GDP Y/Y |
| 30/01/2025 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
| 30/01/2025 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
| 30/01/2025 | 1315/1415 | *** | EU | ECB Deposit Rate |
| 30/01/2025 | 1315/1415 | *** | EU | ECB Main Refi Rate |
| 30/01/2025 | 1315/1415 | *** | EU | ECB Marginal Lending Rate |
| 30/01/2025 | 1330/0830 | * | CA | Payroll employment |
| 30/01/2025 | 1330/0830 | *** | US | Jobless Claims |
| 30/01/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |
| 30/01/2025 | 1330/0830 | *** | US | GDP |
| 30/01/2025 | 1345/1445 | EU | ECB Governing Council Meeting press conference |