EURUSD
Manufacturing and services PMI figures, which are of high importance for growth in global markets, were at the forefront. In the Euro Zone, the manufacturing sector PMI index decreased to 48.5, while the services PMI index rose to 53, the largest increase in 8 months. Investor confidence in Germany, the region's largest economy, continued to recover in February as inflation easing and deep recession concerns eased. In the USA, the manufacturing sector PMI index was announced as 47.8, while the services PMI index pointed to a recovery above the expectations with 50.5. Today, the Fed's meeting minutes are the major topic of the day.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0744 |
| Resistance 2 | 1.0721 |
| Resistance 1 | 1.0683 |
| Support 1 | 1.0622 |
| Support 2 | 1.0599 |
| Support 3 | 1.0562 |
Daily Pivot Levels
GBPUSD
The British treasury reportedly ran a budget surplus of 5.4 billion pounds in January this year. In the statement made by the British Office of National Statistics (ONS), it was recorded that the treasury gave a total surplus of 5.4 billion pounds in January 2023, while tax revenues reached the level of 21.9 billion pounds. In the ONS statement, it was noted that the tax volume collected in the country as of January reached the highest level seen on a monthly basis since April 1999.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2338 |
| Resistance 2 | 1.2243 |
| Resistance 1 | 1.2176 |
| Support 1 | 1.2015 |
| Support 2 | 1.1919 |
| Support 3 | 1.1853 |
Daily Pivot Levels
XAUUSD
Markets in the US were closed on Monday and opened yesterday. However, hard sales were observed in the US stock markets yesterday. This morning, reaction buying is seen in US futures. Risk appetite in global markets is not very strong. Expectations about the Fed, developments between Russia and Ukraine, inflationary concerns, in fact, the headings that have been followed for a while still affect prices. The minutes of the Fed meeting held on January 31 - February 01 will be published today. The minutes are not fresh data. The two-day meeting will be important in terms of reading between the lines in more detail. This morning, the dollar index is trading in the 104.00 region.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1855 |
| Resistance 2 | 1849 |
| Resistance 1 | 1842 |
| Support 1 | 1828 |
| Support 2 | 1822 |
| Support 3 | 1815 |
Daily Pivot Levels
BRENT OIL
In global markets, expectations that the Fed will raise interest rates by another 50 basis points suppress the risk appetite. This expectation also causes oil prices to retreat. The Fed meeting will take place on March 21-22, and until that day, the uncertainty about the Fed may continue to affect the markets. Fitch announced that stronger-than-expected recovery in China will also benefit global growth. Expectations for China preclude strong sales on oil prices. The developments between Russia and Ukraine are on the agenda of this week. Stocks to be announced by the API and DOE for the remainder of the week should be followed.
S&P500
While the expectations that the Fed may raise interest rates by 50 basis points next month in the money markets have increased to 24 percent, recession pricing continues to decline. Analysts noted that as of today, Fed officials will also begin to give verbal guidance, and said that the financial results that will be announced tomorrow by large retail companies Walmart and Home Depot in the USA may also have an impact on the direction of the markets. The S&P 500 closed the session down 2.00% at 3997. As of this morning, the outlook for the S&P 500 futures contract is at 4011.
