14/06/2023 Evening Reports
*The UK GDP for April, announced today, grew by 0.1% on a quarterly basis and 0.5% on an annual basis. The data was expected to come in at -0.1% and 0.6%, respectively. Construction Production, which increased by 3.6%, gave the largest contribution to the GDP growth, while Industrial Production, which decreased by 0.3%, prevented further growth of GDP.
*The Producer Price Index (PPI) for May in the USA, announced today, decreased by 0.3% month on month and decreased to 1.1% from 2.3% year-on-year. Data were expected to come in at -0.1% and 1.5%, respectively. Core PPI, on the other hand, increased by 0.2% monthly, as expected, and fell to 2.8% from 3.2% year-on-year. After the CPI announced yesterday in the USA, the Dollar Index depreciated with the decline in the PPI today.
*FED will announce the interest rate at 21:00 today. The Fed is not expected to change the interest rate at 5.25%. After the Consumer Price Index announced yesterday in the USA decreased from 4.9% to 4.0%, the probability that the Fed would not raise interest rates at this meeting increased to 95.3%. Fed Chairman Powell will also make statements after the interest rate decision.
Agenda of the day;
17:30 (GMT +3) US Crude Oil Stocks
21:00 (GMT +3) FED Interest Rate Decision
21:30 (GMT +3) FED Chairman Powell’s Speech
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EURUSD
EURUSD – FED Day Is Heading Towards 50-Day Average…
After falling to 1.0635, the pair, which rose step by step, accelerated its rise after breaking 1.0780 and is rising step by step towards its 50-day average as of the FED day. The 50-day average corresponds to the region of 1.0855/1.0876.
FED decisions tonight will of course increase the volatility in the parity. While the FED is expected to keep interest rates stable after ten meetings, this does not mean that the adventure of increasing interest rates is over. Dot plot chart, Powell’s messages will be important details.
We will watch 1.0725 as the main intraday support and 1.0855 as the main intraday resistance.
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BRENT
BRENT – Triggered Response From 71.50 Continues…
While we watch the price movements accompanied by the support-resistance lines on the chart between 78.55 – 71.50, we watch the reaction from the 71.50 support. Today it broke above the 75.00 level with continued reactions and there is a price above last week’s close. We can now take the 75 level as support during the day.
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USDJPY
USDJPY – Squeeze in Narrow Band Continues Before FED…
The Japanese Yen continues to be priced in the 140.60 – 138.80 range against the Dollar and we are watching this range. We will watch if the FED decisions to be announced today can remove this jam, but the main support and resistance in the parity are the 140.60/138.80 bands.
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