12/09/2023 Evening Reports
*The Unemployment Rate for July, announced today in the UK, increased from 4.2% to 4.3%. Employment change decreased by 207 thousand people. The previous month’s employment change was at -66,000. Following the data, Bank of England (BOE) member Breeden said in his speech that he saw that the risks to growth and unemployment were balanced, and that if they did not raise interest rates, import prices would increase and this would lead to a serious increase in inflation.
*The Zew Economic Index for September, announced in Germany and the Euro Zone, decreased and reached -11.4 and -8.9, respectively. The previous data came at -12.3 and -5.5 levels.
*According to the monthly report released by OPEC today, oil production of OPEC countries increased by 113 thousand barrels in August, reaching 27,450 million. The biggest contribution to the increase in production was made by Iran, Nigeria and Iraq. Oil production of Saudi Arabia, Angola and Venezuela decreased.
*Reports from the United States Department of Agriculture at 19:00 this evening may affect the prices of agricultural products such as wheat, soybean and corn.
Agenda of the Day;
21:00 US Budget Balance
23:30 US OMO Crude Oil Stocks
EURUSD – Attacks Below 200 Days Cannot Be Permanent…
The attacks from 1.0695 in the parity were limited and today we saw a decline again from the 1.0765 resistance. In general, as long as it remains below the 200-day average, it can be expected that the reactions in the parity will not be permanent and the movements in favor of the dollar will repeat. The main intraday support for possible declines is 1.0695. Breaking this level may cause much stronger movements in favor of the dollar and 1.0520 support may come to the fore.
Ounce Gold – 1925 Resistance Couldn’t Be Broken and the Inverted Flag Structure Worked…
Although there is no movement above 4.30% on the US 10-year bond interest side, the strength of the dollar index during the day puts pressure on the yellow metal.
When we look at the technical appearance of the yellow metal, as a result of the slight reactions from the 1915 support, both the 1925 resistance could not be passed and a reverse flag formation was formed, and the 1915 support was broken today. If the daily candle close is below 1915, the yellow metal may gradually decline towards the 1890 region.
BRENT – 91.05 Resistance Overtaken After Six-Day Trial…
Brent oil is breaking the 91.05 resistance, which was frequently tested last week, strongly upwards as of today. While supply and demand forecasts from OPEC are effective in this price movement, technically it continues its strong rise without falling below the 89.15 support in the short term. If the daily candle closes above 91.05, we can follow the movements step by step up to the 98 region.
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