27/01/2023 Evening Reports
Inflation Expectations Decreased in the USA…
- US Personal Consumption Expenses (PCE) were announced today at 16:30. On an annual basis, the core index came in at 4.4% as expected. The previous figure was 4.7%. Reduction in expenditures will be an important factor that will positively affect inflation. A data release below expectations could have played a more effective role in the recovery process. However, meeting expectations seems to be sufficient for now.
- Housing Sales for December, which is one of the other important data we follow in the USA, increased by 2.5%. The data was expected to decrease by 0.9%. Housing Sales decreased by 2.6% in November. Michigan 12-month Inflation Expectation, which was closely followed by the FED during the rate hike process, also decreased from 4.0% to 3.9%. The data was expected to rise to 4.4%. With the decrease in inflation expectations, the FED may consider further reducing or ending the rate of increase.
XAUUSD – Calms on the Last Trading Day of the Week…
In the yellow metal, there was a market in which the pullbacks were active the other day. We are facing a calmer market on the last trading day of the week. The yellow metal, which declined to 1919.85 during the day, continues to price around the opening price with the effect of the support zone at that level.
Should the upward momentum strengthen, we may again meet the 1944.38 resistance that was tested over the past two days. In the downward movement, 1920.50 can form support.
CRUDE – Rising With Support From 79.74 Level…
After the pullbacks in Crude Oil, the rises that started with the support received from the 79.74 level continued until the 82.42 level. In the continuation of this course, 82.93 and 84.86 can be viewed as resistance. In pullbacks, 81.77 and 80.78 can form support. Let us remind you that the weekly oil drilling rig numbers will be announced tonight at 21:00 (GMT +3).
EURUSD – Dollar Strengthens Towards Week Close…
With the positive-than-expected announcement of the US GDP figure announced yesterday, the Dollar showed its strength against the Euro. It continues to price just below the 1.0873 support as it approaches the weekly close. As the dollar maintains its strength, the selling may continue to show its effect and 1.0765 may form support.
In case the upward momentum reappears, 1.0935 may appear as resistance. We will be following the process more closely with the decisions of the FED and the European Central Bank next week.
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