EURUSD
Eurozone growth figures were followed yesterday. Eurozone grew by 0.1% in the last quarter of 2022. On an annual basis, the growth was 1.9%. Thus, in the 4th quarter, the economy grew on a periodic and annual basis in line with the expectations. Inflation data for January, which was the major headline of the week in the USA, was at the forefront. Inflation in the country was announced as 0.5% on a monthly basis in line with expectations, while it exceeded expectations with 6.4% on an annual basis. Although annual inflation exceeded expectations, the data showed that the downward trend continued.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0888 |
| Resistance 2 | 1.0846 |
| Resistance 1 | 1.0790 |
| Support 1 | 1.0693 |
| Support 2 | 1.0651 |
| Support 3 | 1.0596 |
Daily Pivot Levels
GBPUSD
According to the data released yesterday in the USA, the annual increase in the Consumer Price Index (CPI), which was 6.5 percent in December, slowed to 6.4 percent in January. CPI also rose 0.5 percent on a monthly basis in January. Despite the continued slowdown in inflation, it was remarkable that it remained above expectations. After the data, the probability that the US Federal Reserve (Fed) will increase by 25 basis points at the meeting next month did not change with 88 percent. The GBP/USD pair is priced at 1.2140 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2408 |
| Resistance 2 | 1.2338 |
| Resistance 1 | 1.2256 |
| Support 1 | 1.2104 |
| Support 2 | 1.2034 |
| Support 3 | 1.1952 |
Daily Pivot Levels
XAUUSD
Prior to US inflation, an ounce of gold had been supported by the $1850 level for the past few days. After the January inflation announced yesterday, a limited decrease was observed below the $1850 level. In January, US inflation came in above expectations, declining on an annual basis compared to the previous year. Thus, annual inflation fell from 6.5% to 6.4% on an annual basis. The decline in US inflation continued in January as well. Markets continue to think that even if they expect the Fed to raise rates for a while, it will not be as aggressive as last year. Data to be released from the USA today. Data-based movement can be seen, albeit limited.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1896 |
| Resistance 2 | 1883 |
| Resistance 1 | 1868 |
| Support 1 | 1841 |
| Support 2 | 1828 |
| Support 3 | 1814 |
Daily Pivot Levels
BRENT OIL
Oil prices are watching with sellers this morning. Weekly oil inventories announced by the API increased by 10.5 mn barrels. It can be interpreted as limited negative data for oil. OPEC has released its monthly oil market report. In the report, OPEC announced that it has revised upwards its forecast for global oil demand growth for this year. In this revision, China is said to have influence. It is stated in the report that the expected economic recovery in China may support the rise in prices and that the global oil demand will increase by 1 million 900 thousand barrels per day in the first quarter of the year compared to the previous year, and that it will increase even more in the following quarters.
S&P500
According to the data released yesterday in the USA, the annual increase in CPI, which was 6.5 percent in December, slowed down to 6.4 percent in January. CPI also rose 0.5 percent on a monthly basis in January. Despite the continued slowdown in inflation, it was remarkable that it remained above expectations. US stock markets were mixed yesterday. While there was an increase in the Technology and Raw Materials sectors, a negative performance was observed in the Health and Finance sectors. The Dow Jones fell 0.46% and the S&P 500 fell 0.03%, while the NASDAQ finished the day up 0.57%. Looking at the new day, we can say that a negative outlook prevails in US futures.
