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What to watch

OUTLOOK
  • The highlight of the day in DM space will be the release of the Norges Bank rate decision at 9:00GMT / 10:00CET. The deposit rate will likely be kept at 2.75% in January, in what would be the first unchanged decision since the beginning of the 2022 tightening cycle. Market pricing following the December meeting pointed to a near 50/50 toss up between an unchanged decision and a further rate hike. This has since moderated, with lower expected market rates among trading partners helping drag domestic expectations lower in tandem. As such, markets now assign only an outside chance of a rate hike at this meeting, meaning markets could prove uneventful in the wake of an on hold decision. However, conversely if the Norges Bank was to hike by 25bp today we would expect a decent market reaction, particularly if more hikes are signaled ahead. For the full MNI Norges Bank Preview click here.
  • Elsewhere today we will have supply from Spain and France and some housing data, weekly claims and Philly Fed data from the US.
  • Today we will hear from ECB's Lagarde and Knot as well as Fed's Collins and Brainard.

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