EURUSD
In Germany, Europe's largest economy, the IFO expectations index rose to 86.4 in January. The announced data signaled that the short-term outlook for the Eurozone's largest economy has improved. The decrease in recession concerns was effective in this positive signal. Hawk-tone messages continued to come from the ECB front. While expectations in the US that the Fed may stop tightening in March gain strength, pricing in the dollar index continues to remain below the 102.0 level. The growth figure to be announced in the USA today will be a determining factor on the risk appetite and may cause volatility.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.1006 |
| Resistance 2 | 1.1006 |
| Resistance 1 | 1.0939 |
| Support 1 | 1.0873 |
| Support 2 | 1.0832 |
| Support 3 | 1.0807 |
Daily Pivot Levels
GBPUSD
Input costs in the UK rose 16.5 percent year-on-year in December after peaking 24 percent in June, according to data released Wednesday by the Office for National Statistics. This marked the slowest increase since February 2022. The fuel and raw material costs of UK factories rising at the slowest rate in almost a year have been read as further evidence that pipeline inflationary pressures are easing. Finally, the Bank of England (BOE) is expected to cut interest rates at the end of the year to support the economy. The GBP/USD pair is priced at 1.2407 as of this morning.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1.2562 |
| Resistance 2 | 1.2482 |
| Resistance 1 | 1.2441 |
| Support 1 | 1.2320 |
| Support 2 | 1.2240 |
| Support 3 | 1.2198 |
Daily Pivot Levels
XAUUSD
Retracements are limited in Ounce Gold and it continues to rise cautiously. This morning the dollar index is trading at 101.64. The loose course of the dollar and the ongoing risks in the markets support the lively demand for ounce gold. Major data will be followed in the USA today. It can be expected that the data to be announced will have an impact on pricing. As the Fed meeting is next week, the markets are eagerly waiting for February 1. Previously, we observe that cautious movements in the markets can be maintained. For Ounce Gold, the US data and the course of risk appetite in the markets can be followed today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1984 |
| Resistance 2 | 1966 |
| Resistance 1 | 1956 |
| Support 1 | 1928 |
| Support 2 | 1909 |
| Support 3 | 1899 |
Daily Pivot Levels
BRENT OIL
The decrease in the number of fatal cases in China can be interpreted positively in terms of oil. The loose course of the dollar in global markets has also affected the course of oil prices in the recent period. Weekly oil inventories announced by API increased by 3.4 mn barrels this week, while DOE oil inventories increased by 533K barrels yesterday. It is seen as limited negative data for oil. This morning, oil prices dominate horizontal movements. US growth data will be released today. It can be followed in terms of the course of the markets. The course of the number of cases in China can also be followed for the course of oil prices.
S&P500
As the balance sheet season continues in the USA, signs of recovery are seen in the risk appetite, which was shaken by the impact of technology balance sheets. The US stock markets were mixed and volatile yesterday. While increases were observed in the telecommunications, consumer services and finance sectors, there were decreases in the utilities, technology and industry sectors. The S&P 500 index ended the day down 0.02%. Looking at today, a positive outlook is observed in US futures.
