EURUSD
In the Euro Zone, industrial production figures were followed yesterday. While industrial production in the Euro Zone economy fell by 1.1% on a monthly basis in December, it decreased by 1.7% on an annual basis. ECB President C. Lagarde said that inflation pressures in the euro area continue to be high and that he will continue to increase interest rates. Retail sales in the US were $697 billion in January, up 3% from the previous month. Retail sales in the country increased by 6.4% year-on-year in January. The strong recovery in data indicated that the economy remained resilience despite high borrowing costs.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0818 |
| Resistance 2 | 1,0781 |
| Resistance 1 | 1,0734 |
| Support 1 | 1,0651 |
| Support 2 | 1,0613 |
| Support 3 | 1,0567 |
Daily Pivot Levels
GBPUSD
Inflation in the UK slowed down more than expected in January due to the fall in fuel prices. Consumer prices rose 10.1 percent year-on-year in January, according to data from the UK's Office for National Statistics. This was the lowest increase since September. Inflation was 10.5 percent in December. Core inflation fell from 5.8 percent to 5.3 percent in January, while inflation in the services sector decreased from 6.8 percent to 6 percent. It was stated that the biggest contribution to the increase in inflation came from housing, gasoline and electricity and non-alcoholic beverages, while the biggest decrease was in transportation, restaurants and hotels.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2338 |
| Resistance 2 | 1,2260 |
| Resistance 1 | 1,2147 |
| Support 1 | 1,1955 |
| Support 2 | 1,1876 |
| Support 3 | 1,2763 |
Daily Pivot Levels
XAUUSD
Ounce gold has a weak outlook. The dollar index has been rising since the beginning of the week and is seen between 103.59-103.89 this morning. In his statement, the President of the European Central Bank, C. Lagarde, stated that inflation pressures in the euro area continue to be high and that he will continue to increase interest rates. It is expected that the Fed's current stance will continue for a while after the US CPI data. PPI data will be followed in the USA today. Data-based movement can be seen. Fed members may also have speeches during the day. Possible explanations may have an impact on ounce gold prices.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1883 |
| Resistance 2 | 1871 |
| Resistance 1 | 1853 |
| Support 1 | 1824 |
| Support 2 | 1812 |
| Support 3 | 1794 |
Daily Pivot Levels
BRENT OIL
Oil prices are flat this morning. This week, API and DOE weekly oil inventories drew attention. API's inventories increased by 10.5 mn barrels, while inventories announced by the DOE increased by 16 mn barrels yesterday. An increase in inventories is interpreted negatively in terms of oil prices. However, after this week's stock data, there was no volatility in oil prices. The reason for this is seen as the reports published by the OPEC group and the International Energy Agency. In both reports, it was mentioned that the demand for oil will increase. This expectation has become even stronger after the openings in China. This limits the pullback of prices. PPI data will be followed in the USA today.
S&P500
Inflation, which slowed down less than expected in the first month of this year, strengthened the expectations that the US Federal Reserve (Fed) will continue to raise interest rates to reduce inflation to its 2 percent target. Economists, who stated that inflation may follow a stronger course than expected in the first half of the year, said that a significant slowdown could be recorded in the second half. The S&P 500 closed the session up 0.28% at 4.147. As of this morning, the outlook for the S&P 500 futures contract is at 4.162.
