EURUSD
On the first trading day of the week, the producer price index in Germany, the largest economy in Europe, decreased by 0.3% in February compared to the previous month and increased by 15.8% on an annual basis. Upward pressure on producer prices was weakened by the fall in energy prices. However, the announced figure came above expectations despite the weakening. In the Euro Area, exports increased by 11% to 222.9 billion euros in January compared to the same period of 2022, while imports increased by 9.7% to 253.5 billion euros. The Eurozone's trade deficit was recorded as 30.6 billion euros in January. While the dollar index is weakening, recovery is prominent in the parity.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0858 |
| Resistance 2 | 1.0794 |
| Resistance 1 | 1.0759 |
| Support 1 | 1.0659 |
| Support 2 | 1.0595 |
| Support 3 | 1.0560 |
GBPUSD
While the concerns that increased with the banking crisis that started in the USA and spread to Europe were alleviated by the measures taken, the Fed's monetary policy decisions were placed in the focus of investors. Analysts pointed out that inflation in the USA, despite its strong course, tended to slow down, and stated that there are many questions waiting to be answered in the Fed's decisions to be announced tomorrow and Fed Chairman Jerome Powell's statements after the meeting, following the developments in the banking sector. The GBP/USD pair is priced at 1.2251 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2438 |
| Resistance 2 | 1.2361 |
| Resistance 1 | 1.2320 |
| Support 1 | 1.2202 |
| Support 2 | 1.2125 |
| Support 3 | 1.2084 |
XAUUSD
An ounce of gold rose above the $2000 level again yesterday. For the past year, these levels have not been tested. In recent days, the concerns about the banking sector and the expectations that the Fed will increase interest rates by 25 basis points have increased the demand for the safe-haven gold ounce. Therefore, a rapid rise in ounce in recent days draws attention. However, after this rise, it can be replaced by profit sales. The Fed's meeting will begin today and conclude tomorrow. It is seen that the risk appetite in the markets is trying to recover this morning. As the uncertainty will continue until the Fed's meeting tomorrow, cautious movements can be expected. The data calendar for today is calm.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 2047 |
| Resistance 2 | 2028 |
| Resistance 1 | 2003 |
| Support 1 | 1959 |
| Support 2 | 1940 |
| Support 3 | 1915 |
BRENT OIL
Oil prices are trading with sellers this morning. In global markets, developments in the banking sector can also put pressure on oil prices. Russia overtook Saudi Arabia in February to become China's largest supplier of oil. In its report, Goldman Sachs stated that it lowered its oil price forecasts as concerns about the banking sector and the potential for recession outweighed the increase in demand from China. He stated that OPEC producers expect to increase production in the third quarter of 2024 instead of the second half of 2023. API stocks can be tracked for today.
S&P500
Risk appetite is increasing as concerns about the banking crisis decrease in global markets. The Dow Jones index rose 1.20 percent, the S&P 500 index rose 0.89 percent and the NASDAQ index rose 0.39 percent. With the news of the US Treasury's deposit guarantee plan on the new day, US stock futures point to the continuation of the positive trend with a slight increase. In terms of data today, home sales data in the USA can be followed as primary data.
