Looking into the Week;
As we start a new week, on the first trading day of the week; some profit sales are observed on the side of precious metals. Today, the Service Sector Purchase Index PMI figures, to be announced specifically from America, will be the main focus of the market. Especially since the American economy is called the Service economy, if the data used to measure the recession is explained below the expectations, recession rumors can directly affect the market.
Service Purchasing Managers Index (Global Services PMI)
On the second trading day of the week; The Conference Board Consumer Confidence Index will be announced from America. Decreasing consumer confidence will confirm a decline in inflation. The drop in inflation will support the Fed's interest rate cut decision. For this reason, the Consumer Confidence Index can create volatility in the markets.
On the third trading day of the week; New Housing Sales figures from America are data used to measure whether things are on track, especially in the economy. While the decline of the new Housing Sales figures supports the contraction of the economy, the data to be explained above the expectations in the new housing sales can create a positive story about the economy trend.
On the fourth trading day of the week; We will be expecting a 0.25 BP interest rate cut from the Swiss Central Bank. Continued interest rate cuts in Switzerland could lead to weakening in CHF pairs, the safe haven of the foreign exchange market. On the other hand, in American markets, critical Gross Domestic Product 2.Quarter figures will be announced! In the data announced 1.40% in the previous quarter, expectations for cooling in the economy increased, especially with recession. But 2.Quarter GDP expectations were set at 3.00%, which is quite high compared to the previous quarter. We can observe a positive divergence, especially in silver prices, while the data to be explained close to expectations or above expectations is observed to be far from the recession of the American economy. Otherwise, in the figures to be explained well below the expectations, the recession agenda can occupy the markets again. In this case, we can observe hard sales in silver prices. Following the growth data, Fed Chairman Powell will be in front of the cameras and will be sharing his comments about the market!
United States GDP Growth Rate
On the last trading day of the week; The market’s attention will be on the U.S. Core Personal Consumption Expenditures (PCE) Price Index. As the Fed prioritizes PCE over inflation, a decline in this data could increase the likelihood of an interest rate cut. Additionally, any sharp pullbacks in the U.S. 10-year Bond yield may spark interest among buyers in the precious metals market.
American Core Personal Consumption Expenses Index (Core Personal Consumption Expenditures - Price Index)
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