EURUSD
In the meeting minutes of the European Central Bank published yesterday, it was stated that some members wanted to increase interest rates by 75 basis points. European Central Bank President C. Lagarde said that they will continue to increase interest rates until the inflation target is reached. The number of first-time applications for unemployment benefits in the US fell to 190 thousand in the week ending January 14, recording the lowest level in four months. While the messages about tightening from the European front put pressure on the risk appetite, mixed messages continue to come from the Fed members. On the last trading day of the week, the statements of Fed members and ECB President C. Lagarde will be followed
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0986 |
| Resistance 2 | 1.0937 |
| Resistance 1 | 1.0865 |
| Support 1 | 1.0744 |
| Support 2 | 1.0694 |
| Support 3 | 1.0622 |
Daily Pivot Levels
GBPUSD
Inflation in England continued to decline in the second month, but still remained in double digits. Annual inflation fell to 10.5 percent in December, according to data from the UK Statistics Office. Inflation was 10.7 percent in the previous month and peaked at 11.1 percent in October. This slowdown signaled that the worst cost-of-living crisis in a long time was beginning to subside. While fuel and clothing prices were effective in the slowdown, there was an increase in food, restaurant and hotel prices. Core inflation remained unchanged at 6.3 percent annually.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2615 |
| Resistance 2 | 1.2525 |
| Resistance 1 | 1.2434 |
| Support 1 | 1.2253 |
| Support 2 | 1.2163 |
| Support 3 | 1.2072 |
Daily Pivot Levels
XAUUSD
Since the ounce of gold could not overcome the resistance of $ 1929 in the past days, it lost momentum and there was a slight decrease below the $ 1900 level. It has started to rise again above the $1929 level for the last two days and this morning it is seen to be slightly below this level. The dollar index is trading around 102.20 this morning. The statements of Fed officials continue to affect the course of the markets. Members state that they will continue to increase interest rates until a significant decrease in inflation is observed. In the markets, with the expectation of the Fed's interest rate hike, the recession concerns are reflected in the prices. The speeches of Fed officials can be watched today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1950 |
| Resistance 2 | 1938 |
| Resistance 1 | 1921 |
| Support 2 | 1891 |
| Support 3 | 1879 |
| Support 1 | 1862 |
Daily Pivot Levels
BRENT OIL
Oil prices are trading with light buyers this morning. API and DOE weekly stocks announced this week have seen increases. Last week, the DOE announced weekly inventories, with an increase of 8.4 million barrels. In their report published by JP Morgan, they stated that they are optimistic about the year 2023 regarding oil and that the increase in China's demand may affect oil prices positively. However, they also state that it is difficult for prices to rise above the $100 level. Instead of the recession concerns on oil prices, the positive reflections of the expected increase in Chinese demand were observed this week. Limited decreases were recorded in oil prices during the week.
S&P500
U.S. stock markets fell, led by the industrial and consumer services sectors. The S&P 500 index ended the day with a decrease of 0.76%. Following the messages of Fed members Brainard and Williams that the restrictive monetary policy will continue for a while, there was a downward pressure on the risk appetite. On the new day, it can be said that the recovery effort in the US futures came to the fore and there was a horizontal - positive outlook.
