What Happened?
• Vice President Yılmaz: KKM had both costs and benefits.
• CBRT Governor Karahan, in his presentation in Ankara, said that the disinflation process continues uninterrupted and that they do not allow shocks to disrupt the inflation process.
• President of Ukraine Zelenskyy: At least eight people, including a child, died in Russia's attack on Kiev.
• Zelenskyy stated that this attack was Russia's response to diplomacy and called for strong sanctions to be imposed on Russia.
• Zelenskyy: I expect a reaction from China and Hungary after this attack.
• US Treasury Secretary Bessent called on Fed Chair Powell to conduct an internal audit of the Fed following mortgage fraud rumors about Fed Governor Cook.
• South Korea's Central Bank kept interest rates steady and raised growth expectations.

 

EURUSD
Looking at the pair's performance during the week, it appears that some pressure was experienced during the week. With these price increases, the pair began the fourth trading day of the week 0.75 percent below its opening level. Markets will be closely watching the minutes of the European Central Bank's monetary policy meeting, to be released at 2:30 PM Turkish time. These minutes will provide clues about officials' plans for the coming period. However, the most notable economic data release of the day will be the US GDP data. Global volatility will likely increase with this data. The Fed will closely monitor the data regarding its interest rate hikes, shaping expectations. At the same time, US unemployment claims data will be closely watched. If we examine the EURUSD parity technically, the levels 1.1672 – 1.1699 – 1.1732 can be followed as resistance points, and the levels 1.1632 – 1.1600 – 1.1572 can be followed as support points.

Resistance 1– 1.1672
Resistance 2– 1.1699
Resistance 3– 1.1732
Support 1– 1.1632
Support 2– 1.1600
Support 3– 1.1572

OIL
Markets followed economic data on crude oil inventories released yesterday from the US. According to the data, US inventories shrank by 2.392 million barrels last week. Market expectations were for a 1.700 million barrel contraction. The US GDP data is due at 3:30 PM. This data will further inform the Fed's potential interest rate action. This could impact global growth and global oil demand. Therefore, the data will be closely monitored. A look at the weekly performance of the Crude product reveals a volatile trend. This volatility suggests it began the fourth trading day of the week near its opening levels. Technically, the Crude product can be monitored as resistance levels at 64.29, 65.09, and 66.22, while support levels at 62.98, 62.23, and 61.44.

Resistance 1–64.29
Resistance 2–65.09
Resistance 3–66.22
Support 1–62.98
Support 2–62.23
Support 3- 61.44

Gold
Gold, which started the week at $3,368 an ounce, experienced gradual upward movement throughout the week. This movement led to a start at $3,398 the following day. US GDP data, one of the week's key economic developments, will be closely monitored today. The data will be released at 3:30 PM Turkish time. Additionally, US unemployment claims data will be released at the same time. Global volatility could increase significantly with the data. The data, which the Fed will closely monitor, will shape expectations regarding the bank's future interest rate path. As is known, following Fed Chair Powell's speech last week, expectations for a September interest rate cut had increased significantly. A technical analysis of the XAUUSD chart reveals that resistance levels are at 3,405, 3,415, and 3,430, while support levels are at 3,385, 3,375, and 3,360.

Resistance 1– 3405
Resistance 2– 3415
Resistance 3 – 3430
Support 1–3385
Support 2–3375
Support 3–3360

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