Forex analytical forecast for today, October 31, for NZD/USD, USD/JPY, Gold and Crude Oil

EUR/USD: Euro drops to November 2022 levelsThe euro continues to show a decline in the EUR/USD pair during the Asian session on January 13, again trying to break through the 1.0200 mark and updating the November 2022 lows. The pair is rapidly approaching parity, and at the moment there are no obvious factors that can stop this movement.The US dollar is supported by expectations of the first steps of the newly elected President Donald Trump after the inauguration on January 20. Among the announced plans of the Republican administration is to increase import duties on goods from Canada and Mexico, which could accelerate inflation and force the Fed to tighten monetary policy. In addition, Trump's statements about the strategic importance of Greenland and the possibility of its return to US control are attracting the attention of the markets. His adviser Mike Waltz has already admitted that various ways of implementing this plan may be considered, including military measures.European investors are also analyzing December inflation data. On a monthly basis, the consumer price index rose from -0.3% to 0.4%, and on an annual basis — from 2.2% to 2.4%. Core inflation increased from -0.6% to 0.5%, reaching 2.7%. However, analysts believe that these figures are unlikely to affect the current policy of the ECB. Deutsche Bank experts note that despite the annual inflation rate in the service sector of about 4.0%, its growth rate and wages are slowing down. This allows us to expect to reach the target level of 2.0% by February. If the forecasts are confirmed, the ECB may consider lowering interest rates below the neutral level in 2025.Resistance levels: 1.0253, 1.0300, 1.0350, 1.0400.Support levels: 1.0200, 1.0150, 1.0100, 1.0050.GBP/USD: strong downward momentum of the pound is gaining momentumThe pound continues to develop the downward trend established last week, when the GBP/USD pair began to adjust from the local highs reached on January 7. The quotes are now approaching the 1.2140 level, testing it for a downward breakout. The US dollar is receiving additional support due to strong statistics on the US labor market.On Wednesday at 09:00 (GMT+2), the attention of British investors will be focused on inflation data. Analysts expect the annual core consumer price index to remain at 3.5%, while the overall figure could be 2.6% year-on-year and 0.1% month-on-month. Also at this time, a report on retail prices will be published, which predicts a slight increase from 3.6% to 3.7%. On Thursday, the market will focus on the November UK GDP and industrial production data. Economists assume that both indicators will show positive dynamics.: GDP may grow by 0.2% after a decrease of 0.1%, and industrial production — up to 0.1% after a fall of 0.6%.Market participants are also assessing recent statements by the Deputy governor of the Bank of England, Sarah Breeden. She noted that current economic statistics indicate the possibility of a gradual easing of monetary policy, but the exact timing and pace of rate cuts remain uncertain. According to her, against the background of tax indexation carried out by the Labor government, the weakening of the national economy may continue, which requires a balanced approach from the regulator.Resistance levels: 1.2150, 1.2200, 1.2230, 1.2261.Support levels: 1.2100, 1.2036, 1.2000, 1.1950.USD/CHF: NBS expects revenue of 80.0 billion francs for 2024he US dollar is showing mixed dynamics in the USD/CHF pair, holding near the level of 0.91 70. At the start of the new trading week, buyer activity remains subdued, and there are no prerequisites for a noticeable corrective movement yet. The dollar is supported by expectations related to the start of the new term of Donald Trump, whose inauguration will take place on January 20, as well as data on the state of the US labor market, which may affect the monetary policy of the regulator.The Swiss National Bank forecasts a record profit of 80 billion francs by the end of 2024, which will be the highest figure since the establishment of the institution. The main factors of this result are the growth of the dollar, the appreciation of precious metals and successful investments in shares of the largest technology companies. The strengthening of the US currency, which accounts for 39% of the bank's reserves, contributes to an increase in the value of assets when converted into francs. In addition, the increase in gold prices, which rose by 27% last year, increased the value of 1.04 million metric tons of this metal on the bank's balance sheet. The official report will be published on March 3, but analysts are confident that the bank's shareholders can expect to receive their first dividend payments in the last three years.Resistance levels: 0.9188, 0.9225, 0.9250, 0.9300.Support levels: 0.9150, 0.9130, 0.9100, 0.9037.USD/JPY: quotes are moving away from recent peaksThe USD/JPY pair is showing a decline, retreating from Friday's peak at 157.35. This trend is associated with the release of new data on Japanese macroeconomics.According to November statistics, the household spending index increased by 0.4% on a monthly basis, while analysts had forecast a decrease of 0.9%. On an annualized basis, the indicator decreased by 0.4%, which turned out to be a less significant decline compared to the expected decrease of 0.6%. Experts emphasize that the current wage growth rates offered by employers in Japan are insufficient to cover inflationary costs. This, along with the weakening of the yen, increases the financial burden on households and reduces the likelihood of continued tightening. Representatives of the Bank of Japan have previously stressed that the future of monetary strategy will depend on current economic statistics. In case of accelerated price growth, the interest rate may change. Currently, annual inflation is 2.9%, which exceeds the target level of 2.0%. If the growth rate continues, the regulator will have to take decisive action, which may support the Japanese currency.Resistance levels: 161.93 164.07.Support levels: 156.25, 149.57.

GBP/USD: british 10-year bonds have shown peak yields since 2008The GBP/USD pair continues to remain in the correction phase, trading around the 1.2294 mark. This dynamic is due to the stable exchange rate of the US dollar and the sell-off in the market of British debt instruments. Investors are concerned about the growth of government debt and the consequences of the first decisions of the new US President Donald Trump, who took office on January 20.The yield on 30-year UK bonds reached a record high of 5.455% in the last 26 years, while 10-year bonds rose to 4.921%. Despite these figures, the Ministry of Finance of the country does not see the need to take emergency measures. In 2025, it is planned to issue government bonds worth about 300 billion pounds, which, according to the authorities, can normalize the situation on the capital market. Rising yields can stimulate investor activity, and one of the possible steps to stabilize will be a short-term increase in the key rate, which will also support the fight against inflation.Meanwhile, the US currency is strengthening, the USDX index rose to the level of 109.0 points. Today at 15:30 (GMT+2), market participants expect the publication of data on employment in the US non-agricultural sector. 154 thousand jobs are projected to be created, compared to 227 thousand in November. The average hourly wage is likely to slow down from 0.4% to 0.3%, while the unemployment rate will remain at 4.2%. If the forecasts are confirmed, this could be a weighty argument for the Fed in favor of slowing down monetary policy tightening. According to the CME FedWatch Tool, 93.1% of investors are confident in maintaining the rate in the range of 4.25%-4.50%. In addition, the published minutes of the Fed meeting indicate increased uncertainty about the economic course before the second term of Donald Trump. The regulator also noted the risks of accelerating inflation if the president's foreign trade and migration policies are fully implemented.Support levels: 1.2230, 1.2000.Resistance levels: 1.2380, 1.2610.USD/CHF: correction of the franc against the background of strengthening the position of the US currencyThe USD/CHF pair maintains a corrective trend near the level of 0.9125, demonstrating readiness for further growth. During the Asian session, the Swiss franc weakened slightly in the pair, which is explained by a decrease in market volatility and the strengthening of the US currency.The market is focused on the latest macroeconomic data from Switzerland. On a monthly basis, the consumer price index decreased by 0.1%, reaching 106.9 points, while in annual terms, the indicator slowed from 0.7% to 0.6%. The average annual inflation rate for 2024 was 1.1%, which corresponds to the central part of the target range of 0.0–2.0% set by the Swiss National Bank. These indicators may support the regulator's decision to continue its soft monetary policy in 2025. The bank plans to reduce the borrowing rate to 0.25%, and the head of the regulator Martin Schlegel admits the possibility of introducing negative rates. However, such measures are not yet on the priority agenda.Support levels: 0.9090, 0.8960.Resistance levels: 0.9150, 0.9270.USD/CAD: the expectation of data on the US and Canadian labor markets sets the tone for tradingThe US dollar is showing moderate strengthening in the USD/CAD pair in morning trading, reaching the level of 1.4410. The upward momentum continues, but the pair remains under pressure from bearish sentiment after a sharp decline on Monday, January 6. Market participants are still showing restraint, awaiting the publication of employment data in the United States and Canada, which is scheduled for 15:30 (GMT+2).Economists predict a decrease in job growth in Canada from 50.5 thousand to 25.0 thousand. The average hourly wage is likely to remain at 3.9%, and the unemployment rate may rise to 6.9% from 6.8%. Additionally, investors will pay attention to statistics on construction permits: an increase of 1.8% is expected in November after a decrease of 3.1% a month earlier.On Monday, Canadian Prime Minister Justin Trudeau announced that he would step down after the election of a new leader of the Liberal Party. Against this background, analysts are discussing the possible impact of political instability on the rate of the Bank of Canada. According to Bank of America experts, if, as CBC News polls show, the Conservative Party led by Pierre Pouillevre strengthens its position and wins a majority in the House of Commons, this will lead to a change in the political vector and increased fiscal discipline.Resistance levels: 1.4435, 1.4466, 1.4500, 1.4550.Support levels: 1.4400, 1.4350, 1.4300, 1.4250.NZD/USD: holding positions at the minimum levels of October 2022The New Zealand dollar is showing a multidirectional movement, remaining near the 0.5590 mark and the October 2022 levels, which were updated the day before. The pair is preparing to end the week with a slight correction related to the strengthening of the US dollar amid expectations for the publication of data on employment in the non-agricultural sector, scheduled for today at 15:30 (GMT+2).In the absence of significant statistics from New Zealand, investors' attention is focused on China's inflation figures. In December, the consumer price index fell to 0.1% year-on-year, and showed zero monthly dynamics after falling 0.6% earlier. These data were in line with analysts' forecasts, but indicate a decline in business activity in the country. This situation forces the People's Bank of China to consider additional stimulus measures to support the economy. In addition, the situation is complicated by rumors about possible new import duties that the US republican administration may impose. This creates additional obstacles to the recovery of Chinese economic indicators.Resistance levels: 0.5607, 0.5641, 0.5672, 0.5700.Support levels: 0.5571, 0.5540, 0.5511, 0.5467.

EUR/USD: ECB to maintain soft exchange rate – Deutsche BankThe quotes of the EUR/USD pair during the Asian session show a corrective trend, holding near the 1.0349 mark. The euro has resumed its decline after an unsuccessful attempt at growth, while volatility is increasing amid investor interest following the release of key macroeconomic data.Inflation figures for December were in the spotlight. The consumer price index rose from -0.3% to 0.4% on a monthly basis, and from 2.2% to 2.4% on an annual basis. The base indicator also increased from -0.6% to 0.5%, consolidating at 2.7%. In France and Italy, the dynamics remained unchanged, stopping at 1.3%. Although inflation is showing an increase, its indicators are in line with the expectations of the European Central Bank (ECB). Deutsche Bank analysts believe that the regulator will continue to adhere to the current strategy, basing its actions on general economic trends, rather than on individual indicators. According to forecasts, the harmonized index of inflation may fall below the target level of 2.0% as early as February, which will allow the ECB to begin reducing rates to a sub-neutral level during the year.The strengthening of the US dollar continues to exert pressure on the EUR/USD pair. The US currency was supported by positive data from the labor market: the number of job openings in November increased to 8,098 million, according to JOLTS, which exceeded analysts' expectations of 7,730 million. In addition, the ISM index of business activity in the service sector rose from 52.1 to 54.1 points in December, reflecting improved business conditions. Against this background, the US dollar is steadily strengthening its position, reaching the level of 108.4 points in the USDX index.Support levels: 1.0300, 1.0150.Resistance levels: 1.0390, 1.0580.USD/CHF: exchange rate growth supported by inflation data for DecemberThe USD/CHF pair is holding near the 0.9097 mark and demonstrates readiness to continue growth, focusing on the resistance level of 0.9158. The exchange rate is supported by published data on inflation in Switzerland.In December, the consumer price index remained at -0.1% on a monthly basis, in line with experts' expectations and the previous indicator, continuing its decline for the fourth month in a row. In annual terms, inflation slowed from 0.7% to 0.6%, which opens up opportunities for the Swiss National Bank to maintain a dovish monetary policy at the next meeting scheduled for March 20. In December, the regulator lowered the interest rate to 0.5%, which was the lowest level since November 2022.The updated forecasts of the department suggest that the average inflation in 2025 will be 0.3%, and in 2026 — 0.8%. Among the world's leading economies, inflation rates are lower only in China, where the rate is 0.2% per annum. To stimulate price growth, Switzerland may need to take additional measures, such as raising borrowing costs or increasing the volume of liquidity in the economy. Both scenarios may put pressure on the franc exchange rate, contributing to the strengthening of the US dollar.Resistance levels: 0.9158, 0.9244.Support levels: 0.9022, 0.8917.USD/CAD: foreign trade has become a CAD growth driverThe USD/CAD exchange rate stabilized around the 1.4349 mark, against the background of the strengthening of the US dollar, which was facilitated by positive macroeconomic statistics from Canada.According to Statistics Canada, exports increased by 2.2% in November, exceeding the previous month's growth of 1.7%, while imports increased by 1.8% after 0.3% earlier. This dynamic has made it possible to reduce the trade deficit from $544 million to $323 million. However, exports of services decreased by 0.2% to $18.2 billion, while imports decreased by 0.1% to $18.5 billion. In addition, the Ivey composite Business Activity Index (PMI) rose to 54.7 points from 52.3 points, indicating a recovery in the business environment in the country.At the same time, the attention of market participants is focused on the developing political crisis. On Monday, Canadian Prime Minister Justin Trudeau announced his intention to leave office after choosing a new leader of the Liberal Party. Donald Trump, the US president-elect, in turn, spoke about the need to stop supporting Canada through American trade subsidies and hinted that the country's inclusion in the United States could stabilize its economy and increase its security. Earlier, Trump had already announced the possibility of imposing 25% duties on Canadian imports, which, according to him, could radically change the situation in the economy of the northern neighbor.Support levels: 1.4300, 1.4150.Resistance levels: 1.4400, 1.4550.Silver market analysisSilver quotes (XAG/USD) stabilized around $30.0 per ounce after a temporary decline below this level. The instrument was supported by the weakening of the US currency, which reached an annual low of 107.5 points in the USDX index.With the beginning of a softer monetary policy by the US Federal Reserve, silver is showing sensitivity to rate forecasts. However, this year, most analysts expect them to remain in the range of 4.25–4.50%. According to the FedWatch Tool of the Chicago Mercantile Exchange (CME), the probability of such a scenario is 95.2%. The recovery of the American economy is also supported by fresh data: the index of business activity in the service sector increased from 56.1 to 56.8 points, the composite indicator rose from 54.9 to 55.4 points, although 56.6 points were expected. The number of vacancies in the non-agricultural sector, according to JOLTS, also increased to 8.098 million from 7,839 million previously.Trading activity in the silver market is showing growth. On Monday, the volume of transactions reached 80.0 thousand contracts, which exceeds the figures of January 2 and 3 at 59.0 and 43.0 thousand, respectively. In addition, option positions are also increasing: the day before, their volume amounted to 11,970 thousand against 5,700 thousand last week. These indicators indicate the optimism of market participants who expect silver prices to strengthen and form long positions for the long term.Support levels: 29.60, 27.90.Resistance levels: 30.60, 32.30.

GBP/USD: pound dominates, dollar loses groundThe quotes of the GBP/USD pair continue to strengthen, reaching the level of 1.2533, against the background of the weakening of the US currency.S&P Global business activity data for December supported the pound, despite the fact that the figures are still far from forecasts. The index of business activity in the UK services sector increased from 50.8 to 51.1 points, which pushed the composite indicator to 50.4 points. This indicates continued growth, even despite the Labor government's plans to raise taxes. In response to the increasing pressure, businesses are preparing to raise prices and reduce investments. An additional positive factor was the improvement in retail sales: the index calculated by the British Retail Consortium (BRC) showed an increase from -3.4% to 3.1%. Such dynamics has not been observed since March 2024, when the indicator reached 3.2%.The US currency, on the contrary, showed a significant decline, falling to the level of 108.1 in the USDX index. Analysts' expectations for an improvement in activity in key sectors of the US economy have not been met. The index of business activity in the service sector rose from 56.1 to 56.8 points, but was lower than the projected 58.5. The composite indicator adjusted from 54.9 to 55.4 points instead of the expected 56.6. A slowdown in the national economy may prompt the US Federal Reserve to temporarily freeze monetary policy changes. This is confirmed by CME Group FedWatch data: the probability of maintaining the current interest rate increased from 88.6% to 92.5%.Support levels: 1.2460, 1.2300.Resistance levels: 1.2580, 1.2770.USD/CHF: monetary policy supports the pair's growthThe USD/CHF pair maintains an upward trajectory despite the recent correction. Last week, the quotes reached a nine-month peak at 0.9135, but then retreated to 0.9033 (the Murray level [2/8]). The decline is expected to be temporary, as monetary factors continue to support the pair's growth in the medium term.The Swiss National Bank is likely to maintain a dovish approach this year, lowering borrowing costs to offset a sharp slowdown in inflation, which is putting pressure on the domestic economy. According to December data, the annual consumer price index decreased from 0.7% to 0.6%, remaining below the target range of 2.0%, which reinforces the need for further easing. The head of the Swiss regulator, Martin Schlegel, previously admitted the possibility of negative interest rates, although he stressed that this was not the main strategy.At the same time, the US Federal Reserve is demonstrating a more restrained approach to changing monetary parameters, given the growing inflationary risks associated with the tax and trade policies of the administration of President-elect Donald Trump. At the December meeting, officials cut the forecast for the number of interest rate cuts this year to two instead of four. Fed officials such as Adriana Coogler and Mary Daly point to the need to continue fighting inflation, which may slow down the pace of policy easing, strengthening the position of the US dollar.Resistance levels: 0.9155, 0.9277, 0.93 99.Support levels: 0.8970, 0.8789.USD/CAD: resignation of Canadian Prime Minister shocks marketsThe USD/CAD exchange rate continues to decline, breaking the support level of 1.4350, which signals a possible further deepening of the downtrend. The political instability in Canada is in the focus of market participants' attention.Prime Minister Justin Trudeau has announced his intention to leave office after the election of a new leader of the Liberal Party, which is accompanied by a temporary suspension of parliament. This decision came shortly after a meeting with US President-elect Donald Trump, who criticized the Canadian authorities for the increase in illegal migration and smuggling, as well as for the significant trade imbalance. Trump noted that the trade deficit with Canada is about $ 100 billion, and warned of the possible imposition of duties of 25% on exports if the situation does not change by his inauguration on January 20.Additional pressure on the pair's exchange rate is exerted by the weakness of the US dollar caused by the publication of macroeconomic statistics. The index of business activity in the services sector, calculated by S&P Global, increased from 56.1 to 56.8 points in December, but turned out to be significantly lower than analysts' forecasts (58.5 points). The composite index also showed a more modest increase, from 54.9 to 55.4 points, which is worse than the expected level of 56.6 points. In addition, the volume of industrial orders decreased by 0.4% in November, confirming the continuing difficulties in the American economy.Resistance levels: 1.4466, 1.4550, 1.4665.Support levels: 1.4150, 1.3950.Crude Oil market analysisIn Asian trading, Brent crude oil continues to adjust within the framework of the local uptrend, holding above the level of 76.0 dollars per barrel.Prices were supported by news about the increase in selling prices for energy resources with February deliveries to customers from Asia, Northern Europe and the Mediterranean. In particular, the cost of KSA's flagship brand Arab Light increased by 0.6 dollars for Asian customers and by 1.3 dollars for customers in Europe. These changes followed OPEC+'s decision to extend the voluntary reduction in oil production until the end of March 2025, taking into account changes in energy supplies to Asia from Russia and Iran amid sanctions.The market was also influenced by the statement of the US President-elect Donald Trump about his intention to lift the current ban on the development of oil fields in coastal areas. Trump has designated this decision, which affects an area of 625 million acres, as one of the key priorities of the first days of his presidency. Investors are taking a wait-and-see attitude, assessing the possible consequences of these initiatives.Support levels: 75.40, 72.20.Resistance levels: 77.30, 80.80.

EUR/USD: US economic data strengthens dollarDuring the Asian session on January 6, the EUR/USD pair showed a downward trend, trading near the 1.0309 mark, which is 0.67% lower than the previous session.There is a slowdown in economic growth in the eurozone. The business activity Index (PMI) in the manufacturing sector dropped to 47.5 in December, indicating a reduction in activity. The consumer price index (CPI) in November showed an increase of 1.2% year-on-year, which is below the target level of the European Central Bank (ECB). The unemployment rate in the eurozone remains stable at 7.5%. Representatives of the ECB declare their readiness to take additional incentive measures in case of further deterioration of economic indicators.The U.S. economy is showing steady growth. GDP in the third quarter increased by 2.1% year-on-year. The consumer confidence index rose to 98.3 in December, reflecting consumer optimism. The consumer price index (CPI) rose 2.3% year-on-year in November, which is in line with the target level of the Federal Reserve System (FRS). The unemployment rate dropped to 3.5%, which is the lowest level in recent decades. The Fed is signaling that the current monetary policy may remain unchanged in the near future. Retail sales data in the United States will be released today at 15:30 (GMT+2). Analysts predict an increase from 0.2% to 0.4% on a monthly basis and from 0.8% to 1.3% on an annual basis, which may support the dollar's position.Resistance levels: 1.0350, 1.0440.Support levels: 1.0260, 1.0170.GBP/USD: tax measures weaken the pound's positionDuring the morning trading on January 6, the GBP/USD pair showed a downward trend, trading around 1.2422, which is 0.31% higher than in the previous session.The British economy is facing a number of challenges. According to the British Chamber of Commerce, 55% of companies plan to raise prices in the coming months due to rising labor costs and taxes, especially increased employer national insurance contributions, which is the highest rate since 2017. Business confidence has declined: only 49% expect sales growth next year, and almost a quarter have reduced investments. Inflation reached 2.6% in November 2024.In addition, the tax increases introduced by Chancellor Rachel Reeves in the amount of 40 billion pounds have led to a decrease in business confidence to a level not seen since 2022. Only 49% of the surveyed companies expect revenue growth next year. Despite this, the KPMG report forecasts UK economic growth of 1.7% in 2025 due to lower interest rates and increased government spending. However, tax increases and rising national insurance contributions can have a negative impact on business, and many companies plan to raise prices and reduce investments.Resistance levels: 1.2500, 1.2600.Support levels: 1.2400, 1.2300.USD/CHF: forecasts for the SNB restrain the strengthening of the francDuring the morning session on January 6, the USD/CHF currency pair was trading around 0.9115, showing a weak upward trend. Over the past 24 hours, the Swiss franc has slightly lost ground, the pair added 0.34% to the previous close.The economic situation in Switzerland remains stable, despite the decline in global demand for the country's exports. According to the Swiss Federal Statistical Office, the consumer price index (CPI) for December 2024 increased by 0.2% month-on-month and by 1.4% year-on-year, which is within the target level of the Swiss National Bank (SNB). The KOF business confidence index fell to 98.6 points in December from 99.4 in November, indicating a decrease in optimism among enterprises. However, the unemployment rate in Switzerland remained at 1.9%, indicating continued high employment.At the last meeting of the Swiss National Bank, the regulator left the key interest rate at -0.75%, citing the need to maintain the competitiveness of Swiss exports. SNB President Thomas Jordan said the central bank would continue to intervene in the foreign exchange market if necessary to avoid excessive appreciation of the franc. Today at 10:00 (GMT+2), data on gold reserves in the SNB is expected to be published, which may have an additional impact on the franc quotes. Despite strong macroeconomic indicators, the Swiss franc faces external risks. Weak demand for European goods is having an impact, which negatively affects the export-oriented sectors of the Swiss economy. Moreover, investors are assessing the risks of a slowdown in global economic growth, which may limit the franc's strengthening in the near term.Resistance levels: 0.9150, 0.9200.Support levels: 0.9100, 0.9050.Gold market analysisDuring the morning trading on January 6, gold quotes showed a slight decrease, trading around $2,639 per troy ounce, which is 0.79% less than in the previous session.According to the World Gold Council (WGC), in 2024, the price of gold reached a historic high, exceeding the mark of $2,800 per ounce. Analysts predict that in 2025, gold prices will continue to show positive dynamics, but the growth will be less significant. Demand for gold from central banks remains high, which supports the prices of the precious metal. In particular, for the first time in history, Russia's gold reserves exceeded $200 billion, and the share of gold in gold and foreign exchange reserves was 32.9%. Retail sales data in the United States will be released today. Analysts predict an increase from 0.2% to 0.4% on a monthly basis and from 0.8% to 1.3% on an annual basis, which may affect the dynamics of gold prices.According to forecasts, gold prices may reach $3,000 per ounce in 2025, despite short-term fluctuations. However, some experts urge investors to remain moderately optimistic, especially during the first half of 2025. In addition, spot gold is expected to convert the $2,629 level from resistance to key support, which could contribute to further price gains. Tomorrow at 12:00 (GMT+2), data on the consumer price index (CPI) in the Eurozone will be published. Analysts expect the indicator to remain at 2.0% year-on-year, which may have an impact on the price of gold.Resistance levels: $2,650, $2,670.Support levels: $2,620, $2,600.

EUR/USD: rising inflation in key eurozone countriesThe EUR/USD pair is holding at 1.0425, showing a decline under the influence of the strengthening US dollar. It is highly likely that the quotes will end the current year near the October lows of 2023.In the last days of December, trading activity has noticeably decreased, as the market is dominated by long-term positions that do not significantly affect the formation of short-term trends. This week, investors' attention will be focused on Spain's economic data. After the publication of Friday's report, which reflected a decline in retail sales in November from 3.4% to 1.0%, preliminary inflation data for December is expected to be released today at 10:00 (GMT+2). Analysts' forecasts suggest an increase in the consumer price index from 0.2% to 0.3% on a monthly basis and from 2.4% to 2.6% on an annual basis. Such indicators, as in most eurozone countries, do not support the current dovish approach of the European Central Bank (ECB). At the next meeting in February, the regulator may slow down the pace of interest rate cuts. ECB Governing Council member Robert Holzmann stressed that further monetary policy easing is likely to be less active and may be postponed.Resistance levels: 1.0480, 1.0600.Support levels: 1.0380, 1.0250.GBP/USD: the pound does not meet expectations due to low market activityThe GBP/USD pair remains in a narrow range of 1.2573–1.2490 (the Murray level [1/8] and the Fibonacci retracement of 50.0%), at the level of 1.2581: the recovery of quotations is hampered by reduced activity of market participants during the holidays and weak UK economic statistics.According to the ONS, the country's economy showed no growth in the third quarter, confirming the likelihood of it plunging into recession. The expectations of experts, who predicted an increase of 0.1%, were not fulfilled, and industrial production decreased by 0.7% in October. The composite business activity index also dropped to 50.5 points, which was caused by business concerns about an increase in the tax burden by 40.0 billion pounds, initiated by the Labor government. The situation deprives the market of hopes for economic improvements related to the political stability achieved thanks to the strong support of Parliament. The lack of positive macroeconomic drivers is holding back the Bank of England's ability to continue cutting rates. After the first adjustment in three years from the August high of 5.25% to the current 4.75%, the regulator is still taking a wait-and-see attitude. The head of the Bank of England, Andrew Bailey, and five other committee members supported maintaining the rate, while three favored reducing it by 25 basis points, citing weakening domestic demand and a deteriorating labor market situation. Despite the current challenges, earlier measures helped reduce inflation: in September, the consumer price index fell to a three-year low of 1.7%, although the rise in electricity prices again kept the indicator above the target level of 2.0%.Support levels: 1.2500, 1.2350.Resistance levels: 1.2610, 1.2770.USD/JPY: domestic policy and uncertainty determine the course of the Bank of JapanDuring the Asian session, the USD/JPY pair shows a decline, holding at the level of 157.89, near the local highs reached on July 17.The main attention of market participants on Friday was attracted by fresh data from Japan: the consumer price index in Tokyo for December increased from 2.6% to 3.0%, and the base index excluding food and energy rose from 2.2% to 2.4%. This indicates an increase in inflation and reinforces expectations of a tightening of monetary policy at the beginning of next year. According to a summary of the Bank of Japan's opinions published last week, a significant part of the board members support the continuation of hawkish measures, but some of them note the need to take into account global economic risks, including possible changes in US policy after the inauguration of Donald Trump on January 20. The head of the Bank of Japan, Kazuo Ueda, stressed last week that inflation should be fixed at 2.0% to maintain stability, after which the regulator will continue to maintain soft monetary conditions in order not to exert excessive pressure on the economy. At the October 30-31 meeting, the rate was left at 0.25%, but the regulator made it clear that it was preparing to increase it in the short term. An important role in the future course of policy will be played by the results of the traditional spring negotiations between trade unions and employers on wage increases, which will have a significant impact on household incomes and inflation expectations.Resistance levels: 159.37, 162.50, 165.62.Support levels: 153.12, 146.87, 143.75.Palladium market analysisPalladium remains in a downward corrective trend, holding above the 900.00 level, but continues to experience pressure due to both fundamental and technical factors.One of the key reasons for the price reduction is the reduction of its use in internal combustion engines, which is associated with the transition of the automotive industry to electric cars. According to S&P Global Mobility forecast, global car production in 2025 will decrease by 0.4% to 88.7 million units, including a 2.9% decrease in the United States to 9.9 million vehicles. However, China partially compensates for this drop by increasing production of electric cars by 30.0% to 15.1 million units, which will account for more than 17.0% of the total market.Another important factor limiting palladium's growth is its low investment attractiveness. Compared to gold and silver, this metal has less liquidity and high volatility. Moreover, it is traded only on a limited number of exchanges. In December, the average daily volume of transactions with gold futures on the Chicago Mercantile Exchange (CME Group) exceeded 400.0 thousand contracts, while for palladium this figure barely reached 6.0 thousand.Resistance levels: 943.00, 1000.00.Support levels: 903.00, 833.00.

EUR/GBP: the pair is retreating from the local peaks recorded the day beforeThe EUR/GBP pair is showing a downward movement, retreating from the highs of December 16, updated in the previous session: Quotes are testing the 0.8310 level, while market activity remains low due to the holiday period.Investors are focused on forecasts for interest rate cuts by leading central banks in 2025. In December, the US Federal Reserve cut interest rates by 25 basis points and announced plans for two similar cuts from the middle of next year. According to analysts, the European Central Bank may cut rates faster than the US regulator, given the weak economic growth in the eurozone with low inflation risks. Nevertheless, the election of Donald Trump as US president adds to the uncertainty, especially in light of the possible aggravation of trade relations with the EU due to new duties. According to forecasts, the ECB may adjust rates at each meeting until the spring of 2025, and then twice more — in the summer and at the end of the year.The British market is carefully analyzing the GDP data for the third quarter: the final figures turned out to be worse than the preliminary ones, which increases the likelihood of continued soft monetary policy by the Bank of England. In annual terms, economic growth slowed to 0.9% from 1.0%, while quarterly GDP remained unchanged. In December, the regulator left the rate unchanged, awaiting additional data. In 2025, the Bank of England may cut the rate four times if inflation remains low. The slowdown to 2.3% in October 2024 after a peak of 11.0% at the end of 2022 is due to lower prices for food, energy and goods. Chief Economist Hugh Pill stressed that the weakness of the global economy makes the UK particularly vulnerable to price shocks.Resistance levels: 0.8326, 0.8340, 0.8350, 0.8359.Support levels: 0.8310, 0.8294, 0.8280, 0.8259.USD/CHF: dollar growth may strengthen against the background of a stable francThe USD/CHF pair remains in a corrective movement, holding at 0.8993. Despite the steady growth of the US currency, the instrument failed to update its annual highs.The Swiss franc is supported by internal monetary factors. At the last meeting, the Swiss National Bank announced an interest rate cut of 0.50%, which was the most significant step towards easing in the last decade. This decision was prompted by more moderate than expected inflation figures. At the same time, the head of the regulator, Martin Schlegel, stressed that in 2025 the rate could reach 0.25%, but the transition to zero is not yet being considered. The official noted that the current dynamics of consumer prices makes it possible to maintain a cautious approach, but in the event of an acceleration of inflation next year, the Central Bank will take appropriate measures based on the economic situation.Resistance levels: 0.9020, 0.9150.Support levels: 0.8940, 0.8810.AUD/USD: decline persists at the close of the weekThe AUD/USD pair is falling to the local lows of December 19, testing the 0.6210 level again for a possible downward breakout. Trading activity remains subdued during the Christmas holidays, while market participants continue to analyze the prospects for the monetary policy of the US Federal Reserve and the Reserve Bank of Australia (RBA).In December, the US Federal Reserve decided to reduce the interest rate by 25 basis points, bringing it to 4.50%. According to the updated forecasts, only two such declines are expected next year. At the same time, the probability of a change in monetary policy in the first half of 2025 remains low, due to the upcoming inauguration of Donald Trump on January 20. The first steps to change the rate are likely to be taken only by the middle of the year, unless new macroeconomic factors arise.The Reserve Bank of Australia is also maintaining a cautious approach, with a high probability of a 25 basis point rate adjustment in February. Currently, the probability of this event is estimated at 70%, and another change may follow in July. Optimistic data on the Australian economy confirms the stability of the labor market: in 2024, the number of jobs increased by more than 330,000, while the part-time employment rate remains at 6.1%, and total unemployment is 3.9%.Resistance levels: 0.6250, 0.6274, 0.6300, 0.6336.Support levels: 0.6200, 0.6140, 0.6100, 0.6050.Platinum market analysisThis week, Platinum (XPT/USD) is showing attempts to strengthen, despite the low activity of market participants associated with the Christmas holidays. At the moment, the quotes have stabilized around the 943.40 level, corresponding to a 23.6% Fibonacci retracement.The growing interest in precious metals is supported by the ongoing geopolitical instability in the Middle East and political crises in leading European countries. The overthrow of Bashar al-Assad's regime in Syria has increased the influence of extremist groups, which have gained access to significant stocks of weapons. This could provoke an escalation of the conflict in the region, which could lead to disruptions in energy supplies and a negative impact on the global economy. At the same time, political instability persists in Germany, where parliamentary elections are approaching, and in France, where the prime minister has once again been replaced. These factors force investors to prefer safe haven assets, including platinum and other precious metals.Resistance levels: 954.00, 1000.00, 1031.25.Support levels: 918.00, 875.00, 843.75.

EUR/USD: bearish trend remains in forceThe EUR/USD pair is showing a moderate decline during Asian trading, continuing to develop the downward momentum formed earlier: quotes are testing the 1.0400 level again, declining from local highs on December 18. The activity of market participants and transaction volumes are gradually weakening, which is associated with the approach of the Christmas and New Year holidays, against which investors are taking a wait-and-see attitude.Pressure on the euro remains due to the current monetary policy of the European Central Bank (ECB) and recent comments by the head of the regulator, Christine Lagarde, in an interview with the Financial Times. She expressed concern about the continued rise in prices in the service sector, which remains at around 4.0%. Lagarde also spoke out against possible EU retaliatory measures to impose additional duties from the United States, pointing to their potential negative effect on households and businesses. Against the background of such statements, market participants are reviewing expectations for the rate of interest rate cuts in 2025, but questions about the pace of economic recovery remain open. In December, the ECB cut its key interest rate again by 25 basis points. November inflation accelerated from 2.0% to 2.3%, and forecasts suggest it will rise to 2.4% in 2024 and 2.1% in 2025, followed by a decline to 1.9% in 2026, which is below the target level. Additionally, the ECB confirmed its intention to continue reducing its bond portfolio under the PEPP program by 7.5 billion euros per month.Resistance levels: 1.0400, 1.0450, 1.0500, 1.0554.Support levels: 1.0350, 1.0300, 1.0253, 1.0200.GBP/USD: the pair is moving down, reflecting the medium-term bearish dynamicsIn December, the GBP/USD pair resumed its downward movement within the framework of a medium-term downtrend, testing the level of 1.2490, corresponding to a 50.0% Fibonacci retracement. The pressure on the pound increased after the release of macroeconomic data, which reflected a slowdown in economic activity in the UK.In particular, the gross domestic product (GDP) did not change in the third quarter, contrary to analysts' expectations, which assumed an increase of 0.1%. Industrial production also decreased by 0.7% in October, and the aggregate business activity index fell to 50.5 points, due to business concerns about the growing tax burden initiated by the Labor government. As a result, the country's economy may enter a state of technical recession. At the same time, inflation remains at a high level: in November, the consumer price index was 2.6%, and the base index rose to 3.5%. In such a situation, the Bank of England is unable to continue its soft monetary policy, which limits the incentives for economic recovery and increases pressure on the British currency.Resistance levels: 1.2695, 1.2939, 1.3061.Support levels: 1.2490, 1.2300, 1.2095.USD/CHF: Swiss authorities' investigation reveals reasons for Credit Suisse collapseThe USD/CHF pair is showing a steady upward trend in the morning, developing the momentum that began the day before, and is striving to overcome the 0.8990 level. Despite the low activity in the market ahead of the Christmas holidays, the main attention of bidders is focused on the outcome of the US Federal Reserve meeting, where interest rate changes were discussed.Last week, Switzerland presented statistics on foreign economic activity: exports in November decreased from 27.83 billion to 23.68 billion francs, imports — from 19.80 billion to 18.26 billion francs, which led to a decrease in the trade surplus from 8.025 billion to 5.424 billion francs. On Friday, the bankruptcy report of Credit Suisse Group AG, prepared by the parliamentary commission, was published. The 569-page document contains 30 recommendations for preventing similar crises in the future. Among the proposals: expanding the powers of FINMA, tightening capital requirements for systemically important banks, and introducing a resident qualification for members of the board of directors. The Committee noted that the mistakes of the Credit Suisse management were the key cause of the crisis: from 2010 to 2022, top managers were paid 39.8 billion francs in bonuses, despite cumulative losses of 33.7 billion francs. Additionally, it is indicated that the regulator unreasonably provided capital allowances in 2017, which prevented the timely identification of the bank's financial problems. The Government is invited to consider measures aimed at preventing similar situations in the future.Resistance levels: 0.9000, 0.9037, 0.9100, 0.91 30.Support levels: 0.8957, 0.8929, 0.8900, 0.8865.Crude Oil market analysisBrent Crude Oil prices are trading near the level of 72.00, showing sideways dynamics against the background of changes in global demand for energy resources.According to the latest report from the US Energy Information Administration (EIA), India will become the leader in hydrocarbon consumption in 2024, overtaking China. Forecasts show that India could reach 220,000 barrels per day next year, increasing it to 330,000 barrels per day in 2025. At the same time, China, against the background of an accelerated transition to renewable energy sources, will reduce the growth rate of demand to 90 thousand and 250 thousand barrels per day for the same periods. If in 2023 China accounted for up to 70% of global oil demand, then in 2024 the figure may fall to 20%, while India's share will grow to 25%. Already this year, India has taken a leading position in the supply of petroleum products to the EU, surpassing even the United States.Resistance levels: 73.50, 77.00.Support levels: 71.60, 68.40.