February 14th Daily Analysis
February 14th Daily Analysis
DOLLAR INDEX (USDX)
The dollar index may have started today’s session with some negative readings (H1), starting from the negative intersection of the moving averages, with the EMA signal matching as well.
However, this price movement is fully subject to change based on what will happen today in the markets after the release of CPI data.
Momentum indicators may also be volatile today, and there is no strong bullish momentum yet.
Pivot Point: 103.35
BRITISH POUND (GBPUSD)
The pound sterling has been trying to stabilize since positive technical signs started appearing on it yesterday, and most of the technical readings agree with this positivity that can fluctuate today.
Today, we are awaiting the Unemployment Rate data that is to be released 11:00 Dubai time and is expected to drop from 19.7 thousand to 17.9 thousand. If this is the case, it will give the Pound a positive impetus.
Momentum indicators are volatile, and prices are trying to stabilize near 1.2150.
Pivot Point: 1.2103
SPOT GOLD (XAUUSD)
Gold prices fell on Monday as investors prepared for January CPI data in the US that could move the Fed’s interest rate strategy.
Gold in spot transactions fell by 0.5% to $1854.79 an ounce, while US gold futures fell by 0.6%, to settle at $1863.50.
Gold is considered a hedge against inflation, but the cost of holding it increases when interest rates are raised to curb inflation.
Pivot Point: 1,856
US CRUDE (USOUSD)
Oil prices rose on Monday, rebounding from earlier losses, as investors assessed Russia’s plans to cut crude production and concerns about demand in the short term ahead of the release of US inflation data today.
Brent crude futures for April delivery rose 22 cents, or 0.3%, to $86.61 a barrel, while US crude futures rose 42 cents, or 0.5%, to $80.14 a barrel.
On Friday, prices rose to their highest levels in two weeks after Russia, the third largest oil producer in the world, said it would cut crude production in March by 500,000 barrels per day, or about five percent of production, in response to Western restrictions on its exports, which It was imposed because of its war on Ukraine.
Pivot Point: 79.35
