USD/TRY: negotiations between Turkey and Russia gave an incentive to the lira
The US currency is developing a sideways trend against the lira, slightly retreating from the psychological threshold of 18.0000.
The news background about the likelihood of switching to payment methods in national currencies to pay for goods and services between Russia and Turkey provided significant support to the Turkish lira. Thus, following the results of the meeting between the leaders of the two countries held in Sochi, the parties reached an agreement on increasing the volume of trade turnover, which they want to raise to $ 100.0 billion, and consolidate the provision on mutual settlement with the help of the lira and the ruble. In addition, the issue of interaction between the transport industry, industrial, agricultural, tourism and rafter industry as a whole has been agreed, the details have been sent to the working groups of the relevant government departments for elaboration. The technical capability to use the Mir payment system will also be introduced into the Turkish banking sector.
- Resistance levels: 18.0264, 18.1500, 18.3000.
- Support levels: 17.8550, 17.7500, 17.6000, 17.3454.
USD/CAD: "American" expects additional signals for growth
During the trading of the Asia-Pacific countries, the quotes of the USD/CAD instrument move without a single dynamic, testing the 1.2900 mark.
Market participants continue to expect new incentives for further growth, according to preliminary estimates of experts, which will be indicators for consumer prices. Thus, the forecast of economists indicates a decrease in inflation due to a sharp increase in the interest rate by US Federal Reserve officials. An additional confirmation of such expectations was the publication of last Friday's report on the employment market, which will allow the regulator to make sure that it is necessary to continue tough measures to combat consumer price growth in the medium term.
- Resistance levels: 1.2900, 1.2950, 1.3000, 1.3050.
- Support levels: 1.2850, 1.2800, 1.2750, 1.2700.
Silver Prices
The quotes of the banking metal are developing a local uptrend, reaching the level of 20.38 due to uncertainty on the part of the US dollar.
So, with the onset of the summer season, the "American" has noticeably strengthened, updating the record figure of 109,000 in the USD Index, but currently the growth potential has dried up, and the achievements have been completely leveled, giving the advantage to real, not speculative trends. During the current year, industrialists have been celebrating a record in terms of demand for physical silver. According to the London global metals exchange repository, the reduction in reserves in 2022 amounted to 15.5%, against the drawdown of gold reserves by only 1.1%, thanks to the recovery of the jewelry sector in India.
- Resistance levels: 20.67, 22.31.
- Support levels: 19.88, 18.40.
Oil Market Overview
The price of WTI grade oil reached the level of 89.50 in the morning trading.
The asset gained support thanks to reports of regular interruptions in the supply of raw materials from the Russian Federation to European markets. According to the statement of Ukrtransnafta, the pumping of oil from the territory of the Russian Federation through the southern branch of the GTS Druzhba has been suspended, as a result of which the supply of raw materials to the storage facilities of Hungary, Slovakia and the Czech Republic has been stopped. The Ukrainian company argued its actions by the inability to receive payment from the Russian side due to the sanctions previously imposed on the Russian economy by the EU countries. As follows from market forecasts, Iran will soon resume the negotiation process within the framework of the nuclear deal and respond positively to European initiatives, which will enable energy carriers to receive a fundamental incentive to push oil prices.
- Resistance levels: 90.00, 91.93, 93.97, 96.00.
- Support levels: 86.95, 85.00, 83.00, 81.00.