EURUSD
ECB President C. Lagarde said that the growth in wages in the Euro Zone is normal and they do not see a wage price spiral. Ifo economic confidence index in Germany continued to improve in February and was effective in easing concerns about the economy. While January inflation increased by 0.5% on a monthly basis, it became 9.2% on an annual basis. In the Fed minutes, it was stated that monetary policy should be restrictive until inflation enters a downward path towards 2%. st. Louis Fed President J.Bullard stated that the US economy is more resilient than the markets predicted and that interest rate hikes should continue.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.0710 |
| Resistance 2 | 1.0687 |
| Resistance 1 | 1.0645 |
| Support 1 | 1.0580 |
| Support 2 | 1.0557 |
| Support 3 | 1.0515 |
Daily Pivot Levels
GBPUSD
According to the Fed minutes, most of the officials are of the opinion that rate hikes should continue, but reducing the size of the increases to 25 basis points is the right decision. The dollar index, which has appreciated for two days, is negative this morning and has almost completely recoiled Wednesday's gains. The GBP/USD pair is priced at 1.2068 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2208 |
| Resistance 2 | 1.2171 |
| Resistance 1 | 1.2107 |
| Support 1 | 1.2006 |
| Support 2 | 1.1970 |
| Support 3 | 1.1906 |
Daily Pivot Levels
XAUUSD
The weak and cautious course is preserved in the ounce gold price. The dollar index is trading at 104.39 this morning. Yesterday, the minutes of the Fed meeting held on January 31 - February 01 were published. The minutes were not fresh data, the details of the two-day meeting were followed. Between the lines of the meeting, it is stated that the Fed will continue to increase interest rates until it is convinced of the decrease in inflation. This, in turn, causes the dollar to react on the upside, albeit limited, and gold ounces to decline. US GDP data will be released today. During the day, speeches may also come from Fed members. Expectations about the Fed in recent days may continue to affect the course of the markets.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1862 |
| Resistance 2 | 1854 |
| Resistance 1 | 1839 |
| Support 1 | 1817 |
| Support 2 | 1809 |
| Support 3 | 1794 |
Daily Pivot Levels
BRENT OIL
There are two headlines that cause oil prices to retreat. It is seen as the minutes of the Fed meeting released yesterday and the weekly oil stocks released by the API. API stocks have been increasing for the past two weeks. In the data released yesterday, it was stated that the stocks of the previous week increased by 9.9 million barrels. An increase in inventories is interpreted as negative for oil. In the minutes of the Fed meeting held on January 31 - February 01, it was seen that the interest rate increase signal continued. The Fed says it will raise interest rates until it is convinced of the decline in inflation. The high interest rate environment suppresses the demand for oil, which may cause prices to retreat. Today US GDP data can be viewed.
S&P500
The Fed released the minutes of its last meeting yesterday. Before the release of the minutes, there were also expectations that 50 basis points increase messages might be received due to persistent inflation signals. But the published minutes showed that this possibility was not on the table at this stage. US stock markets were mixed yesterday. The Dow Jones fell 0.26% and the S&P 500 fell 0.16%, while the NASDAQ finished the day up 0.13%. Increases were observed in the raw materials, telecommunications and consumer goods sectors, while retreats were observed in the energy, finance and utilities sectors. Today, US futures point to a positive opening.
