03/10/2022 Evening Reports
- According to the data announced by TURKSTAT, the change in CPI in September 2022 is 3.08% compared to the previous month, 52.40% compared to December of the previous year, 83.45% compared to the same month of the previous year and twelve-month averages. compared to 59.91%. The main group that showed the least increase compared to the same month of the previous year was communication with 30.76%. On the other hand, the main group with the highest increase compared to the same month of the previous year was transportation with 117.66%.
- Manufacturing PMI in the Euro Zone continued its downward trend in September as well, and the PMI index decreased from 49.6 to 48.4. The index, which has been in decline since May, pointed out that the Manufacturing Sector in the Euro Zone continues to contract. There was a similar picture in Germany, the largest economy in the region. Manufacturing PMI fell to 47.8 from 49.1 in September.
- The UK Finance Minister announced that the plan to abolish the 45% income tax has been abandoned. The financial package announced on September 23 caused turmoil in the market and triggered the fall of the GBPUSD parity to the bottom region of history. Kwarteng said in a statement, “We decided that removing the 45 percent cut in income tax did not align with our mission of tackling the challenges facing the country. As a result, we will not move forward with removing the 45 percent tax. We understood and listened.” used the phrases.
- In the US, the ISM Manufacturing PMI fell to 50.9 from 52.8 in September, beyond the expectation of a decline to 52.2. This was recorded as the lowest PMI figure since May 2020.
- Before the OPEC+ meeting to be held on Wednesday, October 5th, OPEC+ is considering cutting production by more than 1 million barrels per day, according to media reports based on sources. Also, Reuters reported that the world’s largest oil exporter, Saudi Arabia, is considering increasing prices for most crude grades it sold to Asia in November as it expects demand to recover and Chinese refineries to increase production.
GBP/USD – The U-Turn in the UK’s Fiscal Policy Supported the Recovery of the Parity…
On the first trading day of the week, the GBPUSD parity rose to the 1.1280 band in the morning with the news that the UK government will not continue its plan to remove the 45% income tax rate for the highest income earners. From a technical point of view, if the uptrend continues, 1.2290-1.0335 decline; 1.1315 which is the 50.0% Fibonacci band and the black descending trend line can be viewed as the first resistance zones. On the other hand, the 50-unit exponential moving average, which we follow on the 4-hour chart, can be followed as the first support zone in possible decreases.
USD/TRY – 18.55 Testing Resistance Zone….
According to the data announced by TURKSTAT, inflation increased by 83.45% on an annual basis in September, below the expectations of 84.63%. The USDTRY parity, which rose to the 18.55 resistance zone before the inflation figures, maintained its course near this region after the inflation figures. 18.60 and 18.70 levels can be followed as the next resistance zones if it rises above this resistance zone, which was tested and failed to break on Thursday and Friday last week. Below, the 50-unit exponential moving average that we follow on the 4-hour chart stands out as the first support zone.
CRUDE – Rises To $84 Region With OPEC+ News…
Crude oil prices rose to $84 on Monday during European trading hours on reports that the OPEC+ group is discussing a potential production cut of more than 1 million barrels per day. The OPEC+ meeting will take place on Wednesday, October 5, and the supply disruption could be as significant as the April 2020 meeting, when the Group stepped in to rebalance the oil market hit by the pandemic. From a technical point of view, if it heads above the $84 resistance area it tested, $86, which corresponds to the 10-week exponential moving average, and the 90 band, which corresponds to the 50-week exponential moving average, come to the fore as the next important resistance zones. On the other hand, $81, which is the 100-week average, will continue to be followed as the first support zone in possible gray retreats.
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XAU/USD – US ISM Manufacturing Expands Earnings After PMI Number…
On the first trading day of the week, Ounce Gold, which has followed a buying course so far, expanded its intraday earnings above 1674 band after the September Manufacturing PMI figures of the US ISM, which was well below the expectations. If the uptrend continues in the precious metal, the 1688 level and the black descending trendline stand out as the next resistance zones. On the other hand, the 10-day exponential moving average will be our first support band in case of possible retracements.
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