EUR/USD Down 0.3%, Oil Prices Closed Higher - Doo Prime News
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1. Forex Market Insight     

EUR/USD 

The euro fell 0.3% against the dollar to $1.0793 after officials’ discussions among ECB policymakers said they began considering raising rates at a slower pace than President Lagarde indicated last December.  

The officials said the prospect of a modest 25-basis-point hike at the March meeting is gaining support despite Lagarde’s hint that a 50-basis-point rate hike in February is still possible. The officials said the slowdown in the pace of monetary policy tightening at the ECB should not be seen as a softening of its functions.  

They stressed that no decision has been made and that policymakers could still announce a 50-basis point rate hike at the March meeting. 

Technical Analysis:  

(EUR/USD 1-hour Chart)

We focus on the 1.0776 line today. If the EUR runs below the 1.0776 line, then pay attention to the support strength of the two positions of 1.0734 and 1.0697. If the strength of EUR rises over the 1.0776 line, then pay attention to the suppression strength of the two positions of 1.0832 and 1.0871.  

GBP Intraday Trend Analysis  

Fundamental Analysis:   

The pound rose 0.7% against the dollar to $1.2278 after rising strongly to a five-week high of $1.2299.  

The pound was boosted by data showing that U.K. payrolls grew at a faster-than-expected pace in the three months to November, while employment rose by a faster-than-expected 27,000. 

Technical Analysis:

(GBP/USD 1-hour Chart)

GBP is mainly focused on the 1.2222-line today. If GBP runs below the 1.2222-line, it will pay attention to the suppression strength of the two positions of 1.2111 and 1.2010. If GBP runs above the 1.2222-line, then pay attention to the suppression strength of the two positions of 1.2311 and 1.2478. 

2. Precious Metals Market Insight

Gold

Fundamental Analysis:   

Gold prices retreated Tuesday 17th January 2023 after hitting a more than eight-month high in the previous session on hopes the Federal Reserve will take a less aggressive approach to rate hikes going forward; spot gold fell 0.7 percent to $1,904.87 an ounce, after hitting its highest price since late April on Monday. 

Technical Analysis:   

(Gold 1-hour Chart) 

Gold pays attention to the 1899-line today. If the gold price runs below the 1899-line, then it will pay attention to the support strength of the 1892 and 1880 positions. If the gold price breaks above the 1899-line, then pay attention to the suppression strength of the two positions of 1909 and 1919.  

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Oil prices closed higher in choppy trading Tuesday 17th January 2023, after the big Asian nation released weak but above-expectation annual economic growth data and hopes that easing new crown policies will boost fuel demand.  

Data released on Tuesday showed that crude oil processing in Asian powers fell 3.4% in 2022 from the previous year, the first annual decline since 2001, although daily crude oil processing in December rose to the second-highest level in 2022.  

China’s oil demand will grow by 510,000 barrels per day this year, the Organization of Petroleum Exporting Countries (OPEC) said in a monthly report, leaving its forecast for global oil demand growth in 2023 unchanged at 2.22 million barrels per day. 

Technical Analysis:

(Crude Oil 1-hour Chart) 

Oil prices focus on the 81.31-line today. If the oil price runs above the 81.31-line, then focus on the suppression strength of the two positions of 82.28 and 82.78. If the oil price runs below the 81.31-line, then pay attention to the support strength of the two positions of 80.13 and 79.28.  



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