EURUSD
On the European front, German bonds started to rise with the perception of safe haven after the SVB crisis. While interest rate hike expectations for the European Central Bank weakened in money markets, German short-term bonds rose sharply. At the meeting to be held tomorrow, the expectations that the bank will increase interest rates by 50 basis points fell below 50%, while the consumer price index in the USA was announced at 6.0% in February, in line with the expectations. Core inflation rose to 0.5% monthly, but declined to 5.5% year-on-year.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0833 |
| Resistance 2 | 1.0791 |
| Resistance 1 | 1.0762 |
| Support 1 | 1.0691 |
| Support 2 | 1.0649 |
| Support 3 | 1.0621 |
GBPUSD
UK Prime Minister Rishi Sunak said there was no "systemic risk" for British banks after the US Silicon Valley Bank collapse. In an ITV interview on Monday, Sunak hailed the transaction as a "good outcome" and said Finance Minister Jeremy Hunt and Bank of England Governor Andrew Bailey were "right to say they have no concerns about systemic risk". In the banking sector, Sunak said, "Our banks are well capitalized, liquidity is strong." HSBC Holdings acquired the UK unit of SVB for £1 ($1.22) on Monday. GBP/USD is priced at 1.2155 as of this morning
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2264 |
| Resistance 2 | 1.2234 |
| Resistance 1 | 1.2196 |
| Support 1 | 1.2127 |
| Support 2 | 1.2097 |
| Support 3 | 1.2059 |
XAUUSD
Gold has struggled to surpass the $115 region for the past two days and has been replaced by profit selling. The dollar index is trading between 103.44 and 103.75 this morning. While the developments regarding the Silicon Valley Bank bankruptcy are being followed closely, it is noteworthy that the markets have left this issue behind a little and that there has been a recovery in the risk appetite. Yesterday, the US stock markets closed the day with purchases. There are data to be released in the USA today. The impact of the data can be felt, albeit limited. The Fed's meeting is next week and expectations for the meeting affect prices. Fed uncertainty may have an impact on pricing today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1932 |
| Resistance 2 | 1923 |
| Resistance 1 | 1913 |
| Support 1 | 1894 |
| Support 2 | 1885 |
| Support 3 | 1875 |
BRENT OIL
Oil prices are trading with buyers this morning. The recovery in risk appetite in global markets also supports the rise in oil prices. Yesterday, OPEC released its monthly oil market report. According to the report, it was observed that the forecast for the increase in global oil demand for this year was kept constant. While he did not change his expectations for supply-demand, he pointed out that there was excess supply for 2Q23. The report of the International Energy Agency will be published today. API stocks increased by 1.2 mn barrels last week. It is seen that the effect of the data on oil prices is not felt much. The weekly stocks to be announced by the DOE can be tracked today.
S&P500
Inflation data was released yesterday in the USA. Annual inflation fell from 6.4 percent to 6 percent in February, in line with expectations. Core inflation fell to 5.5 percent from 5.6 percent on an annual basis. With these developments, US indices showed a positive outlook yesterday. The Dow Jones index gained 1.06%, the S&P 500 index gained 1.65% and the NASDAQ index gained 2.14% to close the day. It can be said that there is a horizontal outlook in the US futures on the new day. Today, PPI, retail sales and crude oil stocks can be followed as primary data in the USA.
