Fed members agree on a cautious policy approach
Fed minutes reveal that if incoming data shows insufficient progress in lowering inflation, further tightening of monetary policy would be appropriate, while Fed members appear to agree on a cautious policy approach.
12punto
We observe that the impact of the minutes on the markets remained limited as expected due to last week's positive inflation data, and US stock markets finished the day with limited losses. Due to the Thanksgiving holiday in the US tomorrow, data releases have been brought forward, leading to an increase in data density today. In addition to durable goods orders, weekly jobless claims, and the Michigan consumer sentiment index, the consumer confidence index will also be released in the Eurozone.
TRY: The consumer confidence index for November will be released domestically. In October, the index rose by 4.4% compared to the previous month, reaching 74.6. While the dollar index rose from 103.2 to 103.6 following the Fed minutes, we do not see any change in the current upward trend of the USD/TRY exchange rate. Regarding the short-term course of the dollar, which started the day near the 28.80 level, the extent to which the interest rate decision at tomorrow's MPC meeting will support the TRY in a high-inflation environment will be monitored. The 28.68 level has become a support level for the dollar exchange rate.
Borsa Istanbul: The upward movement, which gained strength with the surpassing of the 7800 resistance in the index, continues. The BIST-100 index, which managed to finish the previous day above 7900, closed the day above the 8000 resistance, also driven by the 1.5% increase in the banking index. While 8000 has become support in the index, 7900 is the secondary support level, and 8100 and 8180 are the resistance levels. The index's ability to remain above the 8000 support is important for increased market participation and for maintaining the upward momentum toward resistance levels.
BIST-30 NEAREST TERM VIOP CONTRACT
For BIST-30 contracts, which closed the day at 8854.25 points, 8830, 8775, 8700, 8631, and 8511 can be monitored as support. 8877, 8908, 8968, and 9047 constitute the resistance points.
USD/TRY NEAREST TERM VIOP CONTRACT
For USD/TRY futures contracts, which closed the day at 28.99, 28.7675, 28.5355, 28.333, and 28.101 can be monitored as support. 29.173, 29.4045, 29.6075, and 29.839 constitute the resistance points.