EURUSD
In the Eurozone, February inflation was announced as 0.8% on a monthly basis, while it exceeded expectations with 8.5% on an annual basis. Core inflation in the region rose to 5.6% in February, reaching a new record level. While the European Central Bank officials gave a message of tightening in their speeches during the week, permanent signals were received in inflation. In the US, weekly jobless claims fell to 190 thousand, below expectations. Atlanta Fed President Raphael Bostic said the Fed may halt the rate hike process in the second half of the summer. After the pigeon rhetoric, a recovery was recorded in the parity, where the pressure was experienced.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0750 |
| Resistance 2 | 1,0711 |
| Resistance 1 | 1,0654 |
| Support 1 | 1,0557 |
| Support 2 | 1,0518 |
| Support 3 | 1,0461 |
Daily Pivot Levels
GBPUSD
"The survey indicators released since the release of the BoE's latest estimates have surprised upwards, pointing out that the current momentum in economic activity may be slightly stronger than anticipated," said Huw Pill, Chief Economist at the Bank of England. Pill also emphasized that the BoE Monetary Policy Committee will continue to monitor closely for signs of persistence in domestic inflation pressures, and will continue to focus on measures of the labor market, wage dynamics, services price inflation, and headline and core inflation expectations. The GBP/USD pair is priced at 1.1988 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2124 |
| Resistance 2 | 1,2080 |
| Resistance 1 | 1,2013 |
| Support 1 | 1,1902 |
| Support 2 | 1,1857 |
| Support 3 | 1,1790 |
Daily Pivot Levels
XAUUSD
The pressure on gold prices continues in global markets. The fact that the dollar index is in the range of 104.00-105.00 causes weak movements under ounces. The statements of Fed officials are being watched. In his statement, Atlanta Fed President Bostic stated that the Fed may halt the rate hike process in the second half of the summer. Boston Fed President Collins, on the other hand, stated that interest rate increases should continue in order to control inflation, and the future data will determine how far the interest rates will rise. The Fed meeting will be held on March 21-22. Until this meeting, Fed uncertainty may persist. There are data to be announced in the USA today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1860 |
| Resistance 2 | 1853 |
| Resistance 1 | 1846 |
| Support 1 | 1830 |
| Support 2 | 1825 |
| Support 3 | 1821 |
Daily Pivot Levels
BRENT OIL
Oil prices continue their horizontal and cautious course. According to statements made by JP Morgan, Russia stated that due to stable demand from China and India, it could keep oil production at pre-Ukrainian war levels, but struggled to divert some of its oil product exports away from Europe. The International Energy Agency, in its February 2023 short-term energy outlook report, stated that they expect the US's daily average crude oil production to be 12 million 490 thousand barrels per day in 2023 and 12 million 650 thousand barrels in 2024. The data to be announced in the USA today can be watched.
S&P500
US stock markets showed a positive outlook yesterday. The rises came to the fore in the Public Services, Technology and Raw Material sectors. The Dow Jones index gained 1.05%, the S&P 500 index gained 0.76% and the NASDAQ index gained 0.73%. It can be said that there is a horizontal-negative outlook in US futures on the new day. When we look at it in terms of data today, the US PMI data can be followed as primary data during the day. On the other hand, statements from FED members can also be followed during the day.
