Weekly Market Analysis / 24-28 April 2023

Last week, we followed the UK and Eurozone inflation data and the statements of Fed officials in global markets. In the UK, consumer price index increased by 0.8% monthly in March, above the expectations, while annual inflation remained in double digits with 10.1%. Food prices rose 19.1%, the sharpest rise since 1977. In the Euro Area, consumer price index increased by 0.9% monthly in line with the expectations, while annual inflation decreased to 6.9% in March. st. Louis Fed President James Bullard said that inflation continues to be high, beyond expectations, and therefore he favors the continuation of interest rate hikes. Atlanta Fed President Raphael Bostic said he is in favor of raising interest rates once again and keeping them above 5% for a while. On the gold ounce side, it was a week where we could not follow its course, priced above $2,000 and saw hard sales. Gold, which rose to $2,048.7 an ounce last week, fell below $1,970 after the Fed officials' statements that interest rate hikes should continue. It started the week with a rise again, we think that the rise will continue to above $ 2,000 again.