12/07/2023 Evening Reports
The Consumer Price Index (CPI) for the month of June, which we have been monitoring in the USA, rose by 0.2% monthly, falling below expectations, while the annual inflation rate declined from 4.0% to 3.0%. CPI was expected to increase by 0.3% and 3.1%, respectively. Core CPI also fell below expectations, with a monthly increase of 0.2%, resulting in a decline from 5.3% to 4.8% on an annual basis. Following the data, FOMC member Barkin stated in his speech that inflation is still high and that he is comfortable with doing more if future data does not confirm the return of inflation to target levels.
The Bank of Canada (BOC), in its meeting today, raised the interest rate by the expected 25 basis points, bringing it to 5.00%. In the statement, it was mentioned that the economy is stronger than expected due to increased demand and that inflation is expected to average 3.7% in 2023.
Today’s Agenda:
17:30 US Crude Oil Inventories
18:00 Speech by BOC President Macklem
20:00 Speech by FOMC Member Bostic
23:00 Speech by FOMC Member Mester
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EURUSD
EURUSD – Continued Its Rising After Inflation Rates…
In June, the Consumer Price Index (CPI) in the US, which we have been following, increased by 0.2% monthly, falling below expectations, and the annual inflation rate declined from 4.0% to 3.0%. CPI was expected to increase by 0.3% and 3.1% respectively. Core CPI also fell below expectations, with a monthly increase of 0.2%, resulting in a decline from 5.3% to 4.8% on an annual basis. Following the data, the EUR/USD exchange rate rose to 1.1100. In the continuation of the upward movement, resistance levels can be monitored at 1.1125 and 1.1175. On the downside, support levels may form at 1.1070 and 1.1025.
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XAUUSD
XAUUSD – 1949.75 Resistance Tested…
In June, the Consumer Price Index (CPI) in the US, which we have been following, increased by 0.2% monthly, falling below expectations, and the annual inflation rate declined from 4.0% to 3.0%. As the inflation rate decreased, XAU/USD tested the resistance level at 1949.75. If this level is surpassed and sustained, the next resistance levels to monitor are 1954.95 and 1960.30. On the downside, support levels may form at 1941.35 and 1935 in case of a pullback.
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CRUDE OIL
CRUDE OIL – Continuing to Rise…
Crude oil is rising in the US due to the impact of the depreciation in the Dollar Index following the decline in inflation. In the continuation of the upward movement, resistance levels to monitor are 76.70 and 78.25. On the downside, support levels may form at 75.74 and 74.95 in case of a pullback. It’s worth noting that official crude oil inventories will be released today at 17:30, and volatility could increase during the data announcement.
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