EURUSD
Industrial production in the euro area increased by 1% in November compared to October and by 2% on an annual basis. Germany's GDP increased by 1.9% in 2022, above market expectations. Thus, the German economy could not exceed the 2.6% growth in 2021 due to the energy crisis. The consumer confidence index, measured by the University of Michigan in the USA, rose 4.9 points month on month to 64.6 in January, recording its highest level since April 2022. While the softening of the expectations about the Fed's aggressiveness brought about a weakening in the dollar index, the positive trend in the first trading day of the week is at the forefront in the risk appetite.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0961 |
| Resistance 2 | 1,0914 |
| Resistance 1 | 1,0873 |
| Support 1 | 1,0786 |
| Support 2 | 1,0739 |
| Support 3 | 1,0698 |
Daily Pivot Levels
GBPUSD
In the statement made by the BoE, it was reported that the bond sale, which has been continuing since 29 November 2022 and has a total volume of 19.3 billion pounds, has been terminated as of today in order to balance the markets. The bank announced that it would sell 80 billion pounds of bonds in October 2022 in order to reduce the tension experienced due to the steps planned by the government within the scope of budget regulations and to reorganize the markets. The GBP/USD pair is priced at 1.2243 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2370 |
| Resistance 2 | 1,2309 |
| Resistance 1 | 1,2272 |
| Support 1 | 1,2174 |
| Support 2 | 1,2113 |
| Support 3 | 1,2076 |
Daily Pivot Levels
XAUUSD
An ounce of gold has managed to hold above the $1865 level since last week. Retreats were limited. The fact that the inflation data announced in the USA was below expectations and that the Fed's putting the brakes on interest rates in the coming period was a data that led to the relaxation in the dollar index. The easing dollar supported the commodities and it is watched above the 1900 level under an ounce. Today, the course of the dollar can be followed. Risk appetite started a positive week. There are no significant data streams to be announced for today. The World Economic Forum in Davos starts today. You can watch the news streams there during the day.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1960 |
| Resistance 2 | 1941 |
| Resistance 1 | 1930 |
| Support 1 | 1901 |
| Support 2 | 1881 |
| Support 3 | 1871 |
Daily Pivot Levels
BRENT OIL
Oil prices start the new week with sellers. While oil prices were rising last week, it is seen that some corrective movements are coming. The opening of China, the decrease in inflationary concerns compared to the previous period, and the fact that the central banks will gradually put the brakes on interest rates were positive developments in terms of oil prices. Davos Summit should be followed this week. The World Economic Forum will be held in Davos. Future statements about oil from the summit may affect the course of prices. The calendar for today is calm. Davos Summit starts today. Growth data in China this week could be important for oil.
S&P500
U.S. stock markets rose on Friday, led by the consumer services, raw materials and technology sectors. The S&P 500 index finished the day up 0.40%. The softening inflation expectations in the USA and the signals from the Fed to decrease the rate of interest increase cause the dollar to fall in the new week as well. In the USA, markets will be closed for the Martin L. King day. However, American and European futures point to a continuation of the rally.
