04/04/2023 Evening Reports

Producer Inflation Decreased in the Euro Zone…

* In the Euro Area, PPI data for February decreased from 15.1% to 13.2% annually, while it was recorded as -0.5% from -2.8% monthly. Although the decrease in producer prices continued in monthly data, it slowed down in February. However, annual data remains high.

* In his speech, Swiss Central Bank Vice President Martin Schlegel stated that if Credit Suisse was not sold to UBS Group, it would go bankrupt the next trading day and cause a global financial crisis.

* According to the data announced by the Ministry of Commerce, foreign trade deficit increased by 3.7% year on year to $8.57 billion in March. In the January-March period of 2023, exports increased by 2.5% to 61 billion 588 million dollars, and imports increased by 11.4% to 96 billion 489 million dollars.

*The US Federal Deposit Insurance Corporation (FDIC) announced that the bankrupt Signature Bank’s loan portfolio of approximately $60 billion will be put up for sale by the end of summer.

* In her speech, Svilvana Tenreyro, a member of the Bank of England (BoE), stated that interest rates should be reversed in order to achieve the inflation target quickly.

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    Support Level: 1.0850 – 1.0800 – 1.0735 Resistance Level: 1.0930 – 1.1030 – 1.1180


    EURUSD – Highlights on a Daily and Weekly Basis

    The pair is testing the 1.0930 resistance again today. However, as in the previous days, it is having difficulty in passing this region. Nothing has changed for the time being. As we stay above the uptrend from 0.9550 on a weekly basis, we can see possible decreases as corrections for now. Breaking this trend will trigger stronger movements in favor of the dollar.

    In the short term, 1.0930 is the intraday initial resistance and 1.0850 is the first intraday support.

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    Support Level: 2010 – 2003 – 1988 Resistance Level:2025 – 2030 - 2047


    XAUUSD Excitedly Out of Its Stuck With JOLTS Data…

    It will be clearer on the four-hour chart that it is in a horizontal trend within the narrowing triangle and has been pushing the upper band of the triangle recently. With the JOLTS Job Opportunities data at 17.00 in the USA coming below 10M, it was seen that the employment market, which feeds inflation, weakened. Thoughts that the pressure on the interest rate hike on the FED could ease, suddenly jumped to $2025 per ounce. Technically, after the squeeze in the narrowing triangle, the triangle broke upwards, making the movement enthusiastic.

    If this enthusiastic movement continues, 2030 and 2055 levels will be on the agenda step by step over 2025.

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    Support Level: 1.2455 – 1.2390/1.2340 – 1.2310 Resistance Level: 1.2520/1.2540 – 1.2620 – 1.2835


    GBPUSD – Rises to Highs of Last 4 Months, Holding on Supports

    The pair continued to rise step by step and climbed above the 1.2455 double top and as of today, the 1.2520 level is seen. In the short term, we can follow the rise with an 8-day average working from the 1.1960 region. Of course, the 1.2455 level that it broke today will be important. However, the level of 1.2340, which coincides with the 8-day average, can also be an important support line for the rise starting from 1.1960 to take a break.

    As the parity holds on the support areas, the levels 1.2620 and 1.2835 will be on our agenda step by step.

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