13/01/2023 Evening Reports

ECB/Kazaks "Interest Rates Should Continue to Increase“
  • Industrial Production, which we tracked for November in the Euro Zone, exceeded the expectations and increased by 1.0% monthly and 2.0% annually. Data was expected to increase by 0.5% on a monthly and yearly basis. Germany’s GDP, on the other hand, grew by 1.9%, exceeding the expectations of 1.8%.
  • In his speech, Member of the European Central Bank (ECB) Kazaks said that interest rates should rise within the restrictive limits, that the interest rates should continue to be increased to reduce inflation, which is about 5 times the inflation expectation of the ECB’s 2% inflation rate, and that the unemployment rate should be increased by a large leap to reduce inflation and economic recession.
  • Industrial Production in the UK, announced today, decreased by 0.2% month on month and 5.1% year on year. Manufacturing Production also decreased by -0.5% monthly and -5.9% yearly. Although the Industry and Manufacturing sectors contracted, Construction Production grew by 4.0%. With the effect of the growth in the construction sector, GDP grew by 0.1% monthly and 0.2% annually.
  • According to the Expectations Survey conducted by the CBRT with the market participants, the year-end CPI expectation was 32.46%, the USD/TL expectation was 23.12 and the GDP was 4.1%.
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    Support Level: 78.25-76.70-75.74 Resistance Level: 79.74-80.78-81.77

    CRUDE

    CRUDE – Dropping Towards 78.25 Support…

    Crude Oil, which started with the expectations that the FED will reduce the rate of interest rate increase after the inflation rates announced in the USA yesterday, continued to the level of 79.27 today. With the sales coming from this level, it is falling towards the 78.25 support. We can see a rise again if a hold above the 78.25 support is provided. In this case, 79.74 and 80.78 can be viewed as resistance. Breaking the 78.25 level and below can create 76.70 and 75.74 support in pricing.

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    Support Level: 1139.10-1123.55-1103.40 Resistance Level: 1152-1157-1165

    GAU/TRY

    GAUTRY – Withdrawn by Resistance Encountered at 1152 Level…

    GAU/TRY rose to 1152 resistance with the effect of the rise in Ounce Gold after the decrease in the rate of increase in inflation in the USA. It is also pulling back with the resistance encountered at this level. In the continuation of the pullback, 1139.10 and 1123.55 can be viewed as support. In upward transactions and pricing above 1152 level, 1157 and 1165 may form resistance.

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    Support Level: 0.9280-0.9225-0.9199 Resistance Level: 0.93296-0.9395-0.9432

    USD/CHF

    USDCHF – Rising with the Support of Rising Price Trend…

    On the USDCHF, increases are seen with the support received from the rising price trend that we watch in the hourly period. In the continuation of this course, 0.93296 and 0.9395 can be viewed as resistance. On the pullbacks, 0.9280 and the rising price trend can form support. If the rising price trend is broken down, the declines can gain momentum.

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