EURUSD
In the Euro Area, the service sector PMI index rose to 50.7, while the manufacturing PMI index was announced at 48.0. Although the data is the highest level in the last 5 months, it still remained in the contraction zone. The announced indices showed that the economy grew for the first time in 7 months, increasing the optimism that the regional economy could make a soft landing. Manufacturing PMI in the USA increased by 0.6 points to 46.8 in January, while the service sector index rose to 46.6. Despite the improvement in the PMI figures announced in the country, the contraction continued.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0975 |
| Resistance 2 | 1,0936 |
| Resistance 1 | 1,0912 |
| Support 1 | 1,0849 |
| Support 2 | 1,0810 |
| Support 3 | 1,0786 |
Daily Pivot Levels
GBPUSD
The UK's budget deficit soared to a record high as rising debt-interest payments and the cost of protecting consumers and businesses from energy price shocks strained public finances. The Office for National Statistics announced on Tuesday that the budget deficit stood at £27.4bn ($34bn), almost tripling from £10.7bn a year earlier. Economists had expected a deficit of £17.3 billion. This increase stemmed from the £17.3 billion increase in debt interest costs, drawing attention as the biggest jump ever in December.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2565 |
| Resistance 2 | 1,2489 |
| Resistance 1 | 1,2414 |
| Support 1 | 1,2263 |
| Support 2 | 1,2188 |
| Support 3 | 1,2113 |
Daily Pivot Levels
XAUUSD
Although there was an increase towards the level of 1942$ per ounce yesterday, there were losses, albeit limited. Today, an ounce of gold is trading with slight sellers. There are no significant data streams to be announced in the US today. Markets are curiously focused on the Fed meeting, as there will be a Fed meeting next week. Risk appetite in global markets is also mixed. This morning the dollar index is trading between 101.82-102.01. During the remainder of the week, key major data will be released in the US. Therefore, data-based action may not be expected today. Cautious movements can be maintained in the ounce gold price.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1972 |
| Resistance 2 | 1957 |
| Resistance 1 | 1947 |
| Support 1 | 1922 |
| Support 2 | 1906 |
| Support 3 | 1896 |
Daily Pivot Levels
BRENT OIL
Oil prices started the new day flat. In recent days, it is seen that oil prices are dominated by horizontal movements. The OPEC+ advisory committee is expected to meet today. It's not a formal meeting. This meeting is being held because OPEC members want to review the current situation. They wonder how the situation is in terms of oil demand due to the opening of China and the sanctions against Russia. No surprises are expected, be careful against possible intraday explanations. API weekly oil inventories, which were announced every week, increased by 3.4 mn barrels. Limited negative data for oil. Weekly oil stocks to be announced by the DOE will be tracked today.
S&P500
Shares of Microsoft, which announced its balance sheet, gave back its gains with the reduction of revenue expectations in the cloud computing system Azure. These expectations from Microsoft spoiled the risk appetite in the US and global markets. The S&P 500 closed the session yesterday at 4.016, down 0.07%. As of this morning, the S&P 500 December futures contract is at 4.016 and its horizontal outlook is followed.
