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.
Disclaimer
While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.
