TURKEY: CBRT Governor Vows to Do “Whatever It Takes” to Meet Year-End CPI Target
- Speaking in an interview with Anadolu Ajansi, CBRT Governor Fatih Karahan vowed to take all necessary steps to meet the year-end inflation target of 24%. "We will do whatever it takes," he said, adding that the Bank will not allow demand conditions to impair the disinflation path. On inflation, he noted that “Currently, we evaluate that the fall in inflation is driven by the decline in the underlying trend with the support of tight monetary policy, rather than by base effects.”
- According to Ekonomi, business leaders are calling on the government to adjust the upper revenue limit which defines small- and medium-sized companies. They say the current limit of TRY500m set in May 2023 remains very low due to inflation, meaning they can’t benefit from various government support schemes.
- The CBRT will publish a summary of its rate-setting meeting held on March 6 at 11:00GMT/14:00 local time. Our review of that meeting can be found here.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
SCHATZ TECHS: (H5) Bull Flag Formation
- RES 4: 107.233 76.4% retracement of the Dec 2 - Jan 15 bear leg
- RES 3: 107.170 High Dec 20
- RES 2: 107.081 61.8% retracement of the Dec 2 - Jan 15 bear leg
- RES 1: 107.045 High Jan 3
- PRICE: 106.925 @ 08:07 GMT Feb 11
- SUP 1: 106.805 Low Jan 3
- SUP 2: 106.772 20-day EMA
- SUP 3: 106.600/515 Low Jan 31 / 30
- SUP 4: 106.435 Low Jan 15 and key support
A bull cycle that began Jan 15 in Schatz futures remains in play. The contract has recently traded through a number of important resistance points and the latest impulsive gains highlight a stronger reversal. Furthermore, the recent pause appears to be a flag formation - a bullish continuation signal. The focus is on 107.081, a Fibonacci retracement point. Initial firm support to watch lies at 106.775, the 20-day EMA. First support is 106.805, the Feb 3 low.
BOBL TECHS: (H5) Holding On To Its Recent Gains
- RES 4: 118.310 High Dec 20
- RES 3: 118.27 61.8% retracement of the Dec 2 - Jan 14 bear leg
- RES 2: 118.100 High Jan 2
- RES 1: 117.980 High Jan 3 / 5
- PRICE: 117.780 @ 08:06 GMT Feb 11
- SUP 1: 117.583 50-day EMA
- SUP 2: 117.373 20-day EMA
- SUP 3: 116.550 Low Jan 24
- SUP 4: 116.280 Low Jan 14 / 15 and a key support
Bobl futures remain in a bull cycle and the contract is holding on to its recent gains. Last week’s climb reinforces current bullish conditions. The contract has traded through both the 20- and 50-day EMAs. A clear breach of 117.880, 50.0% of the Dec 2 - Jan 14 bear leg, would signal scope for an extension towards 118.258, the 61.8% retracement of the Dec 2 - Jan 14 bear leg. Initial support to watch lies at 117.373, the 20-day EMA.
BUND TECHS: (H5) Bull Phase Remains In Play
- RES 4: 134.94 High Dec 17
- RES 3: 134.54 61.8% retracement of the Dec 2 - Jan 14 bear leg
- RES 2: 134.29 High Dec 20
- RES 1: 133.73 50.0% retracement of the Dec 2 - Jan 14 bear leg
- PRICE: 133.24 @ 08:03 GMT Feb 11
- SUP 1: 132.53 20-day EMA
- SUP 2: 131.00 Low Jan 16 / 24
- SUP 3: 131.00/130.28 Low Jan 16 / Low Jan 15 and the bear trigger
- SUP 4: 130.44 Low Jul 5 ‘24 (cont)
Bund futures remain in a bull cycle and the contract is holding on to its latest gains. The recent pause appears to be a flag formation - a bullish continuation signal. Price has recently cleared both the 20- and 50-day EMAs. The break higher confirms a resumption of the corrective bull cycle that started Jan 14. Sights are on 133.73, a Fibonacci retracement point. Firm short-term support has been defined at 131.00, the Jan 16 / 24 low.
