Week Overview 30 December 2024-03 January 2025;

The Central Bank of the Republic of Turkey did not change interest rates in 8 consecutive meetings. We last observed a 50 basis point interest rate cut in February 2023. Last week, the weekly repo rate was reduced from 50.00% to 47.50% by the CBRT. Another noteworthy issue, especially at the meeting where the continuation of the interest rate reduction was signaled, was that the Central Bank announced that it would hold eight MPC meetings in 2025. This week, critical Consumer Price Index figures from Turkey will be announced on the last trading day of the week. A slight decrease in inflation is within expectations.

On the other hand, last week‘s growth figures in England were announced as 0.9%, while expectations were 1.0%. In particular, the fact that the UK‘s growth figures were below expectations increased the possibility of interest rate cuts. Interest rate cuts by global central banks may revitalize the demand for precious metals in particular.

This week, markets continue to price with Christmas volume loss. As an economic calendar; Along with the Manufacturing Purchasing Managers Index figures from China tomorrow, the Caixin Manufacturing Purchasing Managers Index (PMI) (Interim) figures on Thursday will be very important, especially for silver pricing. On the other hand, from the USA on Thursday; Unemployment Benefit Applications, Manufacturing Purchasing Managers Index (PMI) (Dec), ISM Manufacturing Purchasing Managers Index (PMI) (Dec) figures will indirectly affect both employment and growth data of the US economy!

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