30/01/2023 Evening Reports
- According to the January data of the Turkish Statistical Institute (TURKSTAT), the Economic Confidence Index increased by 1.3 percent to 99.3. Although the index remained below the 100 threshold, it reached its highest level in the last 1 year. If the Economic Confidence Index is greater than 100, it indicates optimism about the general economic situation, and less than 100 indicates pessimism about the general economic situation.
- Germany’s Gross Domestic Product did not meet expectations in the 4th quarter. It contracted by -0.2% for the fourth quarter, below the 0.0% expectation. In the annual framework, the 4th quarter figure was announced as 0.5%, below the expectation of 0.8%.
- In the data published for the Euro Zone, Final Consumer Confidence came in as expected with -20.9 for January. The previous data was announced as -22.1. While it was expected to decrease from 97.1 to 97.0 in the Business and Consumer Survey, there was an increase to 99.9. Consumer Inflation Expectation decreased from 23.2 to 17.7. Although the results contain positive expectations from an economic point of view, we will be closely following the developments in real terms and the effects of the European Central Bank’s interest rate decision to be announced this week.
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GAU/TRY – Holding on to 1164 Support…
With the downward exit from the rising price channel that we watched in the 4-hour period in Gr Gold TL, there were decreases until the 1164 support. As long as the hold on this support is maintained, we can see rises again. In this case, 1168.80 and 1175 can be viewed as resistance. If the 1164 level is broken and below, 1152 and 1139.10 can form support.
BRENT – Testing the Fall Line…
Although Brent entered the new week horizontally, the pullbacks showed strength afterward. Breaking the 85.56 support to the downside, Brent is testing the downtrend line. In case the downward trend continues and the trend line is broken, 83.94 support can be formed. On the upside recovery, 85.56 and 87.88 may form resistance.
EUR/USD – It is priced over 1.0900 again…
There was a calm pricing in the pair until 11:00 (GMT+3). However, with the Spanish CPI data published at 11:00 and the German GDP data published at 12:00 (GMT+3), the activity started. After the data, an increase was seen up to 1.0913. In addition, pricing on the daily chart continues to hover above the 14-day average. As the uptrend continues, 1.0935 may appear as resistance. In case of pullbacks, it can create 1.0873 support.
It is worth reminding again that volatility in the parity may increase with the interest rate decisions of the FED and ECB this week.
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