EURUSD
ECB Vice President Luis stated that inflation is still worrying and that interest rate increases should continue after March. Nagel, one of the ECB monetary policy makers, said that the ECB needs more, big interest rate hikes to bring inflation back to 2%, and it should proceed gradually, taking into account the uncertainty. Fed Board Member Waller warned that he did not see the signs of a rapid decline in inflation and that this could take a long time, and warned that interest rates could stay higher than expected. While the dollar index continues to be priced above the 103.0 level, the weakness continues in the parity.
Technical Analysis
Support & Resistance | Level |
---|---|
Resistance 3 | 1.0797 |
Resistance 2 | 1.0779 |
Resistance 1 | 1.0746 |
Support 1 | 1.0695 |
Support 2 | 1.0676 |
Support 3 | 1.0644 |
Daily Pivot Levels
GBPUSD
The UK's National Institute for Economic and Social Research (NIESR) has lowered its GDP growth forecast for 2023, citing the decline in living standards caused by high inflation. NIESR, which put forward the 2023 growth forecast for the UK economy as 0.7 percent and the 2024 expectation as 1.7 percent in its report published in November, reduced its growth forecast for 2023 to 0.2 percent and to 1.0 percent for 2024. The GBP/USD pair is priced at 1.2096 as of this morning.
Technical Analysis
Support & Resistance | Level |
---|---|
Resistance 3 | 1.2183 |
Resistance 2 | 1.2146 |
Resistance 1 | 1.2108 |
Support 1 | 1.2033 |
Support 2 | 1.1997 |
Support 3 | 1.1959 |
Daily Pivot Levels
XAUUSD
In global markets, an ounce of gold remains cautious. While it was seen that there were reactions at the level of $ 1860 during the week, it was noted that the sales remained limited as it did not fall below this level. In her speech, US Treasury Secretary Yellen said that inflation remains high, there are encouraging signs and supply-demand mismatches have eased in many sectors of the world. Fed officials' speeches continue. Waller said he did not see any signs of a rapid decline in inflation. In addition, he stated that due to this reason, interest rates may remain higher for longer than expected. Weekly jobless claims will be released today.
Technical Analysis
Support & Resistance | Level |
---|---|
Resistance 3 | 1902 |
Resistance 2 | 1894 |
Resistance 1 | 1884 |
Support 1 | 1867 |
Support 2 | 1859 |
Support 3 | 1850 |
Daily Pivot Levels
BRENT OIL
Oil prices remain flat. API oil inventories announced this week were down 2.2 mn barrels. Yesterday's DOE weekly oil inventories increased by 2.4mn barrels. There seems to be limited negative data for oil. In his statement, Russian Energy Minister Novak stated that the new exemptions from the European Union to the oil embargo show that there is a demand for Russian oil products in Europe. He stated that Russia will decide on countermeasures against EU sanctions on Russian oil. He announced that Russia's oil production was around 9.8-9.9 billion barrels/day in January and it will be announced close to these levels in February.
S&P500
The US stock markets had a negative outlook yesterday. The Dow Jones index fell 0.61%, the S&P 500 index fell 1.11% and the NASDAQ index lost 1.68%. Looking at the new day, we can say that there is a positive outlook in US futures. Applications for unemployment benefits, which will be announced in the USA today, can be followed as primary data. On the other hand, statements from Fed officials can be followed in terms of the course of the markets. Among the companies that will announce their balance sheet in the USA today are Abbvie, Pepsico, Toyota and Astrazeneca.