23/01/2023 Evening Reports

ECB Members "At least 2 50-Point Interest Rate Increases Eligible"
  • The Consumer Confidence Index for January, which we follow in Turkey today, rose from 75.6 to 79.1%. Apart from this data, the Financial Situation Index of the Household increased from 57.4 to 61.6 and the General Economic Situation Expectation Index rose from 77.3 to 82.7.
  • In his speech, European Central Bank (ECB) Member Holzmann stated that he expects at least two interest rate hikes of 50 basis points in the first half of this year, that despite the fall in headline inflation, core inflation, which does not include fluctuating energy and food prices, does not decrease, and that interest rates will continue to rise unless core inflation falls significantly. He said he should. Another ECB Member Kazimir said that two 50 basis points interest rate hikes are needed and that the decrease in inflation is good news, but there is no reason to slow down the rate of increase.
  • For the rest of the day, we will follow ECB President Lagarde’s speech at 20:45 (GMT+3). Lagarde is also expected to make statements on the course of the economy and the rate hike process. During the conversation, volatility in the markets may increase.
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    Support Level: 1.0873 – 1.0765 – 1.0705 Resistance Level: 1.0935 – 1.1044 – 1.1119

    EUR/USD

    EUR/USD – Fast Entry to the New Week with 1.0926 Level…

    We have witnessed that 1.0873 resistance was tested many times in the last week in the pair. Today, Euro/Dollar, which entered the week quickly, rose to the level of 1.0926. With profit selling after the rise, it can be followed as support point 1.0873, which was our resistance level last week. If it gains strength from this level again, there may be resistance at 1.0935. On the downside pricing, the 1.0765 level can create support.

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    Support Level: 1164-1152-1139.1 Resistance Level: 1168.80-1175-1182

    GAU/TRY

    GAU/TRY 1168 Resistance Tested for the 2nd Time…

    The Consumer Confidence Index, which we monitor today, rose from 75.6 to 79.1 in Turkey. Apart from this data, the Financial Situation Index of the Household increased from 57.4 to 61.6 and the General Economic Situation Expectation Index increased from 77.3 to 82.7. Apart from these data, while there was no significant development on the first trading day of the week, the resistance of 1168.8 in Gr Gold TL was tested for the second time. After the resistance encountered at this level, there were also pullbacks. 1164 and 1152 can form support in pullbacks. In upward transactions and pricing above the 1168.8 level, 1175 and 1182 can be viewed as resistance.

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    Support Level: 81.50 – 80.46 – 78.81 Resistance Level: 82.62 – 83.34 – 84.86

    CRUDE

    CRUDE Approaching 82.62 Resistance…

    Crude Oil, which tested the downtrend line last week, is testing the trendline again as we start the new week. The upside momentum may increase when the downtrend line is crossed and prices are above. In this case, 83.34 can form resistance. In case of staying below the trend line, pullbacks can be seen. In this case, it can create 81.50 and 80.46 support, respectively.

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