EURUSD
The Eurozone economy grew by 0.1% in the fourth quarter of 2022 compared to the previous quarter, while the annual growth was 3.5%. Retail sales in Germany fell by 5.3% month-on-month in December, but dropped by 6.4% year-on-year, surprisingly. Housing prices in the USA continued to decline due to high loan rates and recession concerns, falling 0.54% in November. Conference board consumer confidence in the country fell to 107.1 in January with the rise in inflation expectations. The Fed's decision and the messages to be given will be effective in the volatility in the parity, while the dollar index is pulled below the 102.0 level again.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0963 |
| Resistance 2 | 1.0919 |
| Resistance 1 | 1.0890 |
| Support 1 | 1.0817 |
| Support 2 | 1.0773 |
| Support 3 | 1.0745 |
Daily Pivot Levels
GBPUSD
The International Monetary Fund (IMF) reported that the UK economy will shrink and outperform other advanced economies as the cost of living continues to hit households. The IMF stated that the economy will shrink by 0.6% in 2023, instead of growing slightly as previously predicted. However, after the Autumn Statement, the IMF noted that the British economy is now on the right track. In its World Economic Outlook update, the IMF announced that Britain's Gross Domestic Product (GDP) will shrink rather than grow 0.3% this year.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2452 |
| Resistance 2 | 1.2411 |
| Resistance 1 | 1.2365 |
| Support 1 | 1.2277 |
| Support 2 | 1.2237 |
| Support 3 | 1.2190 |
Daily Pivot Levels
XAUUSD
It is seen as Fed day in global markets. The Fed's interest rate decision, which started yesterday and is expected to conclude today, is on the agenda of the markets. For today's meeting, the markets are looking at a 25 basis point rate hike with certainty. It is seen that these expectations are reflected in the prices. However, the tone in the text of the decision and Fed Chairman Powell's speech may have an impact on the course of the markets. For the next process, Powell's messages and the way the Fed will follow will be critical. Before the Fed decision, there are data to be announced from the USA today. However, the impact of pre-Fed data can be expected to be limited. Fed's messages can be effective in ounce gold today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1969 |
| Resistance 2 | 1950 |
| Resistance 1 | 1939 |
| Support 1 | 1908 |
| Support 2 | 1889 |
| Support 3 | 1878 |
Daily Pivot Levels
BRENT OIL
Oil prices are flat this morning. Today, the Fed's interest rate decision will be followed. Global markets are cautious before the Fed and risk appetite cannot remain very strong. The OPEC+ joint ministerial oversight meeting is expected today. A new decision is not expected. As the current situation assessment is awaited, therefore, volatility due to this meeting may not be experienced. Today, the Fed's interest rate decision, the tone in the text of the decision and Fed Chairman Powell's speech can determine the course of the markets. It could also be important in terms of oil prices. API weekly stocks rose 6.3 million barrels yesterday. DOE weekly stocks are expected to be released today.
S&P500
US Stocks closed January with a rise, with the expectation that the deceleration in inflation would enable the Fed to follow a more moderate policy and the risk appetite increased. Throughout the month, the S&P 500 index gained 6.2 percent and the Nasdaq 100 index gained 10.6 percent. The Nasdaq 100 had its best month since July and recorded its strongest start to the year since 2001. The S&P 500 closed the session yesterday at 4.076, up 1.46%. As of this morning, the outlook for the S&P 500 futures contract is at 4.079.
