18/08/2023 Evening Reports
*Retail sales data announced in the UK decreased more than expected. It decreased by -1.2% against the expectations of -0.5% for July and by -3.2% against the expectations of -2.1% on an annual basis. Core retail sales were also similar, falling by -1.4% on a monthly basis versus -0.7% and by -3.4% versus -2.2% on an annual basis. This decrease in retail sales gives the green light in terms of fighting inflation.
*Eurozone final consumer inflation data for July were announced. Headline inflation decreased by -0.1% monthly, while it increased by 5.3% year-on-year. Core inflation, on the other hand, decreased by -0.1% in monthly data, as in the headline, while it increased by 5.5% on an annual basis.
*Fitch: “Energy and food inflation in the UK is likely to decrease further in the coming months with the base effect”
*Moody’s: “Sticky inflation increased the risk of higher bank rates in the UK”
*Eurozone economy will continue to grow in the coming years, a deep or permanent recession is unlikely. There are many reasons to believe in the European economy.” used the phrases.
*According to the data of Gas Infrastructure Europe, the gas reserve level of the EU reached 90.12% capacity on 17 August. While this is well above the European Union’s target for November 1st, it may still not be enough to complete the winter, according to experts.
EURUSD – Testing 1.0845 Support…
In the parity, which has increased the speed of the downward trend since the beginning of the week, decreases were experienced until the support of 1.0845 on the last trading day. Afterwards, the horizontal view is preserved, although there are some bullish attempts. If the 1.0845 support is broken, we can follow the 1.0770 level as support. On the rise, the 1.0940 level may appear as resistance.
Ounce Gold – Tried To Recover Today After Sharp Falls…
The declines in the yellow metal fell below the main 1896 support the other day. On the last trading day of the week, it tried to recover in general. However, the 1896 level appears as resistance this time. Hawk-toned speeches from the FED are blocking any bullish attempts in the yellow metal. In the continuation of the pullbacks, the 1880 level can be followed as support.
Crude Oil – Uptrends Stuck on Downtrend Line…
The declines in crude oil were reversed with the reactions received from the 78.81 support. However, after the uptrends touched the downtrend line from 84.86, the pullbacks took effect again. In instant pricing, the level of 79.95 is trying to create support. If this support is broken, 78.81 can be retested. For the uptrends, the downtrend line from the 84.86 level can be expected to be broken in the first place.
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