30/03/2023 Evening Reports
*The European Central Bank (ECB) released its monthly report today. In the report, it was stated that price pressures in the global economy continued to be high, that the strong labor market, increased confidence in the medium term and the recovery in real incomes could support the recovery in the Euro Area economy, and that the gradual tightening of financial conditions is expected to have a suppressive effect on economic activity.
*In the USA, the GDP that we track for the fourth quarter grew by 2.6% on an annual basis, slightly below the expectation of 2.7%. The US economy grew by 3.2% in the third quarter. PCE Prices for the fourth quarter, which is another important data announced at the same time, increased by 3.7% and Core PCE Prices increased by 4.4%. Weekly Unemployment Benefit Applications, on the other hand, came in at the level of 198 thousand, slightly above the expectation of 196,000. After the data, the Dollar Index depreciated, while the global indices rose.
GBPUSD – Sterling Rally Continues With Support From 1.2310…
The sterling side continues to strengthen against the US Dollar and the pair touched the 1.2390 resistance as of today. Having spent about 6 trading days in the 1.2310/1.2200 range before, the pair continues to rise after surpassing this zone on the upside. We will now follow the support zone as 1.2310 and as long as the hold on it continues, the levels of 1.2455 and above will be on our agenda these days.
If it is below 1.2310, moves in favor of Sterling may take a break for a while.
XAUUSD – Continuing More Adherent to 1967 Support
Although the yellow metal pinned the 1985 resistance during the day, it continues to stick to the 1967 support in general. Below 1967, there may be a sagging until 1957 support in intraday movements.
Today, 2000 levels may come to the fore again in movements above the 1975 level, where the needle is thrown.
EURUSD – Touched 1.0930 After Germany Inflation…
As long as the uptrend from 0.9550 remained above, the pullbacks in favor of the dollar were limited. Today, movements in favor of the Euro continued in the parity. As of today, it came strongly to 1.0930 resistance again. After the German inflation data, which came above the expectations at 15.00, the movements in favor of the Euro increased a little more. In case of possible movements above 1.0930 and/or daily candle closings above 1.0860 during the day, the upward trend in the parity may continue strongly and 1.1030 resistance may come to the fore.
We will be monitoring these regions during the day.
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