01/03/2023 Evening Reports
- Today, we followed the Manufacturing PMI data for February in Europe. Manufacturing PMI fell from 48.8 to 48.5 in the Eurozone and from 46.5 to 45.3 in Germany, while in the UK it rose from 49.2 to 49.3. Unemployment Rate for February, another important data announced in Germany, remained unchanged at 5.5%. After the data, President of the German Central Bank and Member of the European Central Bank (ECB) Nagel, in his speech after the data, said that a significant increase in interest rates may be required after March, that interest rate cut talks will not start until there is sufficient evidence of a decrease in inflation towards the target, and that the German economy will be in the 1st quarter. He said that the contraction in the economy is expected to recover gradually in the second quarter.
- Another important data announced in Germany, the Consumer Price Index (CPI) for February increased more than expected and came in at 0.8% monthly and 8.7% annually. CPI was estimated to increase by 0.7% and 8.7%, respectively.
- In his speech, Bank of England (BOE) Governor Bailey said that it may be appropriate to increase the interest rate a little more, that they will reach the conclusion by focusing on the 2% inflation target, that inflation has weakened a little more and that the labor market is extremely strong.
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EUR/USD
EUR/USD – 1.0635 Level Exceeded…
There was a rapid increase in the Euro-Dollar parity with the strength taken from the 1.0574 support. In the continuation of the rise, the resistance of 1.0635 was overcome and prices were seen up to the level of 1.0691. In case the activity in favor of the Euro continues, 1.0705 resistance may come to the fore. In retracements, 1.0635 can be followed as support.
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CRUDE
CRUDE – 77.75 Resistance Tested But Not Vaccinated…
Crude Oil started the new week with a rise and rose to 77.75 resistance. However, this resistance was not overcome. Although this resistance is tested again today, the instant price is hovering around 76.63 with the pullbacks. If the rises gain strength and the 77.75 resistance is overcome, 78.81 may come to the fore. In the continuation of the pullbacks, it can be followed as 75.95 support.
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GAU/TRY
GAU/TRY – The Uptrend Continues…
Gram Gold, which has shown a strong downward trend since the beginning of February, has tested the downtrend line many times in the last 1 month. In the past day, there has been a strong upward trend from this downtrend line. With the upward break of the line corresponding to the 1103 resistance, instant pricing continues around 1115. In the continuation of these strong rises, 1123 resistance can be reached. In case of pullbacks, it can be followed as 1103 support level.
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