Week Overview 20-24 January 2025;

Then, while the Consumer Price Index figures were announced as 2.9%, within expectations, the Core Consumer Price Index, that is, inflation excluding energy and food costs, was announced as 0.2% when the expectations were 0.3%, surprising the markets. It looks like the expectation of 1 interest rate cut from the FED is about to be replaced by 2.

On the other hand, everything seems to be fine in the Chinese economy. In particular, the announcement of Q4 Gross Domestic Product figures as 5.40%, while expectations were 5.00%, can be considered as a signal that economic activity in China is accelerating. The acceleration of Chinese economic activity may increase the demand for raw materials and is a development that may especially stimulate the silver market.

We are starting this week as the week in which politics directs the economy. Because the 47th US President will make a speech before taking his seat. His speeches, especially about customs tariffs, FED interest policy, US growth rates and immigration policy, are eagerly awaited by the markets.

In this week‘s economic calendar, the interest rate decision of the Central Bank of the Republic of Turkey on Thursday comes to the fore in the markets. Especially the expectation of a decrease in interest rates is expected to be priced at 250 bp. While the expectation of a decrease in interest rate policy has caused some upward movement in exchange rate policy, it also has the potential to support an upward movement in gram gold prices.

On the other hand, Japan will announce its critical interest rate decision this week! Expectations are for interest rates to increase by 0.25 bp. In particular, giving clues about the continuation of the increase in interest rate policy may cause a retreat in the Dollar Index. Services Purchasing Managers Price Index PMI figures, which are indispensable for US economic activity after Japan, will be announced on the last trading day of the week!

Day	Hour	Foreign currency	Event	EXPECTATION	FORMER
MONDAY	07:30	JPY	Industrial Production (Month) (Nov)	-2,3%	-2,3%
	10:00	EUR	Germany Producer Price Index (PPI) (Monthly) (Dec)	0,3%	0,5%
	10:00	CHF	Producer Price Index (PPI) (Monthly) (Dec)	0,2%	-0,6%
TUESDAY	10:00	GBP	Change in the Number of Unemployment Claims (Interim)	10,3K	0,3K
	10:00	GBP	Unemployment Rate (Nov)	4,3%	4,3%
	13:00	EUR	Germany ZEW Economic Sentiment (Jan)	15,2	15,7
	16:30	CAD	Consumer Price Index (CPI) (Monthly) (Dec)	-0,7%	0,0%
WEDNESDAY	00:45	NZD	Consumer Price Index (CPI) (quarterly) (4th Quarter)	0,5%	0,6%
	18:15	EUR	Speech by ECB President Lagarde	-	-
	21:30	EUR	Speech of Buba President Nagel	-	-
THURSDAY	00:30	USD	American Petroleum Institute Weekly Crude Oil Stocks	-	-2,600M
	14:00	TRY	Türkiye One-Week Repo Interest Rate (Jan)	45,00%	47,50%
	14:00	TRY	Overnight Borrowing Interest (Jan)	-	44,50%
	14:00	TRY	Overnight Interest Rates (Jan)	-	50,50%
	16:30	USD	Applications for Unemployment Benefits	220K	217K
	16:30	CAD	Retail Sales (Month) (Nov)	0,1%	0,6%
	20:00	USD	Energy Information Administration Crude Oil Stocks	-	-1,962M
CUMA	02:30	JPY	National Core Consumer Price Index (CPI) (Annual) (Dec)	3,0%	2,7%
	03:30	JPY	Services PMI (Jan)	-	50,9
	06:00	JPY	Interest Rate Decision	0,50%	0,25%
	09:30	JPY	Bank of Japan (BoJ) Press Conference	-	-
	11:30	EUR	Germany Manufacturing Purchasing Managers‘ Index (PMI)	42,9	42,5
	11:30	EUR	Germany Services Purchasing Managers Index (PMI)	51,1	51,2
	12:30	GBP	Services Purchasing Managers Index (PMI) (Jan)	50,8	51,1
	17:45	USD	Production Purchasing Managers Index (PMI)	-	49,4
	17:45	USD	Services Purchasing Managers Index (PMI)	-	56,8
	18:00	USD	Second Hand Housing Sales (Search)	4,19M	4,15M
	18:00	USD	Michigan Consumer Sentiment (Jan)	73,2	73,2

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