18/04/2023 Evening Reports
*FED Member Bullard, in a statement to Reuters today, stated that he sees the restrictive policy rate in the range of 5.5% – 5.75%. Bullard emphasized that there is no clear progress in inflation and that interest rates should be continued to increase.
With the statements of Bullard, the US Dollar index regressed again, although it recovered slightly. On the other hand, ounce of gold is above $2000.
*In the data received during the day, Construction Permits announced in the USA decreased by 8.8% and Housing Starts decreased by 0.8%.
*Canada March inflation was announced as 4.3% on an annual basis.
*Tomorrow we will meet the inflation data from the UK and the Eurozone.
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EURUSD – Reaction Received from the Lower Band of the Uptrend Channel…
After the rises to the 1.1075 level last week, the lower band of the ascending channel was tested with the retreats to the 1.0909 level in the past day. With the reactions from this level, there were increases to the level of 1.0982. Instant pricing continues around 1.0953. In the continuation of the uptrends, the 1.0972 level may show resistance. On the downside pricing, the 1.0935 level can be viewed as support.
Brent – Priced Around 84.70…
Brent started the new week with a downward trend. After the rise to the level of 86.54 the previous day, there were retreats to the level of 84.38. Instant pricing continues around 84.70. In the continuation of the downward movements, the 83.94 level can be followed as support. On the upside pricing, the 85.56 level may show resistance.
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Ounce Gold – Stays Below 14-Day Moving Average…
While the yellow metal was moving in the 1981 – 2015 dollar band with fluctuating pricing, transactions are more limited in the 1993 – 2005 dollar band today. Pricing remains below the 14-day moving average as it tries to hold on to the $2000 level. In case the uptrends get stronger, the 2007.35 level may come back to the agenda and create resistance. In pullbacks, the level of 1990.75 can be followed as support.
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