13/07/2023 Evening Reports
In the UK, the quarterly GDP growth rate for the month of May, which we are currently monitoring, remained unchanged at 0.0%, while on an annual basis, it showed a decrease of 0.6%. In the previous period, the GDP growth rates were 0.1% and 0.5%, respectively. The Industrial Production, which decreased by 0.6%, contributed the most to the contraction in GDP.
In the US, the Producer Price Index (PPI) for the month of June, which was announced, showed a monthly and annual increase of 0.1%, falling below expectations. The data was anticipated to increase by 0.2% and 0.4%, respectively. Following the data release, there were retracements influenced by the resistance encountered at the level of 24.44. In the continuation of the retracement, support levels can be monitored at 23.9625 and 23.6850. In upward movements, resistance levels can be observed at 24.44 and 24.84.
Agenda of the day;
17:30 (GMT+3) US Natural Gas Stocks
21:00 (GMT+3) US Budget Balance
EURUSD – Rising With FED Expectations…
The EUR/USD exchange rate is rising due to expectations that the Federal Reserve (FED) will pause its interest rate hikes following a slowdown in the inflation rate in the US. In the continuation of the upward movement, resistance levels can be monitored at 1.1220 and 1.1265. In case of pullbacks, support levels can be formed at 1.1175 and 1.1125.
XAGUSD – Pulls Back With Resistance Encountered At 24.44…
The Producer Price Index (PPI) announced for June in the US showed a monthly and annual increase of 0.1%, which is below expectations. It was expected to increase by 0.2% and 0.4% respectively. Following the data, there were retracements due to the resistance encountered at the level of 24.44. In the continuation of the retracement, support levels can be monitored at 23.9625 and 23.6850. In upward movements, resistance levels can be monitored at 24.44 and 24.84.
SP500 – Holding on 4519.75 Support…
The Producer Price Index (PPI) that we have been following in the US increased by 0.1% both on a monthly and annual basis. It was expected to increase by 0.2% and 0.4% respectively. Following the data, there were retracements in the S&P 500 index, reaching the support level at 4519.75. If the support holds, we may see upward movements. In that case, resistance levels at 4544 and 4586 can be monitored. For downward movements and price levels below 4519.75, support levels at 4485.50 and 4462.25 may come into play.
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