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Morning Market Review


EURUSD
The European currency shows mixed dynamics, consolidating near 0.9830 and new record lows at 0.9800. The euro fell after the publication of the decision of the US Federal Reserve to raise interest rates by 75 basis points to 3.25%. At the same time, the regulator signaled further plans: it is reported that by the end of the year the rate can be adjusted to 4.40%, after which in 2023 an increase to 4.60% is possible. The Fed also released forecasts for economic growth. It is assumed that in 2022 the Gross Domestic Product (GDP) will rise by only 0.2%, and in 2023 it may grow by 1.2%. The euro remains under pressure from the development of the energy crisis, despite a slight correction in energy prices. Meanwhile, the European Commission has decided to ease sanctions against Russian coal, as this type of fossil fuel is increasingly used in the countries of the region as an additional source of heat and electricity.


GBPUSD
The British pound is trading down, testing new record lows around 1.1230. The GBP/USD pair reacted with a decrease to the publication of the decision of the US Federal Reserve to raise interest rates by 75 basis points. Moderate pressure on the instrument can be traced today; however, activity in the market is gradually decreasing, as investors await the publication of the results of the Bank of England meeting, at which the interest rate can be adjusted by 50 basis points to 2.25%. In addition, the British regulator will publish forecasts for a possible recession in the economy in the fourth quarter. Meanwhile, the new British Prime Minister Liz Truss announced the introduction of incentives for industrial enterprises, which, among other things, involve reducing the price of electricity and gas by half of the current cost for the next six months. Experts have calculated that such support measures will cost the British government about 40.0 billion pounds.


NZDUSD
The New Zealand dollar shows a moderate decline, developing a steady "bearish" trend from September 13. The NZD/USD pair is testing 0.5820 for a breakdown, updating the record lows of March 2020. The impetus for the current decline in the instrument is the fact that the US currency has strengthened after the publication of the decision of the US Federal Reserve to raise interest rates by 75 basis points, the highest level since 2008. Until March 2022, the indicator had been in the range of 0.00-0.25% for two years, after which the regulator began to tighten monetary policy as part of the fight against record inflation, which reached 40-year peaks. It is also worth noting that the Fed stepped up its "hawkish" rhetoric and is planning at least one more major value adjustment before the end of the year. At the same time, the regulator hopes to avoid a recession in the national economy. The macroeconomic statistics from New Zealand released today do not provide any noticeable support to the instrument. Westpac Consumer Survey in the third quarter showed active growth from 78.7 points to 87.6 points, which fully coincided with market expectations. Export volumes slowed in August from 6.35 billion dollars to 5.48 billion dollars, while Imports rose slightly from 7.76 billion dollars to 7.93 billion, which led to an increase in the Trade Deficit from 11.97 billion dollars to 12.28 billion dollars.


USDJPY
The US dollar shows active growth, testing the strong resistance level of 145.00. The pressure on the yen is exerted by the decision of the Bank of Japan to keep the key interest rate unchanged at -0.1%, which was quite expected, since the regulator has repeatedly stated that the time for tightening monetary policy has not yet come. At the same time, the officials express concern about the unilateral depreciation of the yen, which increases the risks of direct foreign exchange interventions. The decision of the Bank of Japan contrasts with the minutes of the meeting of the US Federal Reserve, published the day before, which increased the interest rate by 75 basis points to 3.25%, and also pointed to further tightening of monetary policy until the end of the year.


XAUUSD
Gold prices have returned to a downtrend, returning to the previous record lows of 2020 near 1650.00. The pressure on the position of the instrument is exerted by the decision of the US Federal Reserve published the day before to increase the interest rate by another 75 basis points for the third time in a row. At the same time, the regulator raised inflation estimates and lowered economic growth expectations for 2022–2023. The Chair of the Fed, Jerome Powell, signaled a further tightening of monetary policy until the end of the year: in particular, it is assumed that at the next meeting the regulator can adjust the value immediately by 125 basis points. Today, investors are following the results of the meetings of the National Bank of Switzerland, which raised the interest rate from -0.25% to 0.5%, and the Bank of England, which may adjust the value from 1.75% to 2.25% (the decision will be published on 13:00 (GMT+2)). Also, the British regulator is expected to publish updated forecasts for economic growth, suggesting evidence of a possible recession in expert estimates.
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[Alessia79]

Many thanks to your support agent who helped me with my backtest. The agent agent was very patient, showed me where to get the data from an offsite platform as well as show me how to filter the data to get exactly the info I need for my backtest.

 

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Morning Market Review

EURUSD
The European currency shows ambiguous dynamics, consolidating near 0.9820. Market activity remains low, and the EUR/USD pair does not make any noticeable attempts to correct after updating record lows the day before. The tightening of monetary policy by the US Federal Reserve put additional pressure on the positions of the single currency, but the decision was quite expected, and investors managed to put such a scenario into quotes. The focus is again on the military conflict on the territory of Ukraine, since the holding of partial mobilization in Russia and referendums in the occupied territories could lead to its escalation. In addition, today traders expect the publication of statistics on business activity in the eurozone. Current forecasts suggest that the S&P Global Composite Manufacturing PMI will drop from 48.9 to 48.2 points in September, and the Services PMI may fall from 49.8 to 49.0 points.​

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GBPUSD
The British pound is trading with a weak downward momentum, holding near record lows. The GBP/USD pair is testing 1.1230 for a breakdown, remaining under pressure after the US Federal Reserve decided to raise interest rates by 75 basis points. Now the rate is in the range of 3.00-3.25% and, according to the forecasts of the regulator, by the end of this year it can be adjusted to 4.40% (an increase of up to 4.25% was expected earlier), and next year it may be increased up to 4.60% (against the expected 4.50%). The tightening of monetary stimulus will lead to increased pressure on the economy and a slowdown in the growth of Gross Domestic Product (GDP) in the United States this year to 0.2%, and to 1.2% next year. The pound was slightly supported by the decision of the Bank of England to raise the interest rate by 50 basis points to 2.25%, which coincided with the analysts' forecast, and therefore did not cause significant changes in the market. In addition, traders drew attention to the comments of the British regulator, which suggest that the decline in national GDP may begin as early as the third quarter, and then the economy may enter into recession. The Bank of England also expects inflation to peak in October around 11.0%, after which it will begin to weaken.​

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XAUUSD
Gold prices continue to show mixed dynamics, remaining around 1670.00. The pressure on quotes is exerted by meetings of world financial regulators, as a result of which interest rates were again noticeably increased. In particular, the US Federal Reserve raised the rate by 75 basis points to 3.25%, the Bank of England raised it by 50 basis points to 2.25%, and the Swiss National Bank for the first time since 2014 decided to increase the rate by 75 basis points to 0.50% per annum. Also, leading regulators have signaled that the "hawkish" policy is likely to continue as inflation continues to rise at record highs. In turn, the demand for gold increased markedly due to the escalation of the military conflict on the territory of Ukraine. Earlier, partial military mobilization was announced in Russia, and in the occupied territories of Ukraine, referendums on joining the Russian Federation can be held in the near future.​

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Morning Market Review

EURUSD
The European currency shows a downtrend, renewing new record lows and dropping below 0.9550, after which the EUR/USD pair still showed an uncertain corrective rebound. The instrument was falling against the US dollar at a moderate pace throughout the past week, and the culmination of the "bearish" dynamics fell on Friday, when disappointing statistics came to the market. S&P Global Manufacturing PMI in Germany fell from 49.1 points to 48.3 points in September, the Services PMI decreased from 47.7 points to 45.4 points, and the Composite PMI decreased from 46.9 points to 45.9 points against the expected 46.0 points. In turn, in the euro area, the Manufacturing PMI fell from 48.9 points to 48.2 points, and the Services PMI declined from 49.8 points to 48.9 points. The focus of investors today will be the speeches of representatives of the European Central Bank (ECB), among which are Luis de Guindos, Fabio Panetta, and the President of the regulator Christine Lagarde.​

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GBPUSD
The British pound is trading with a strong downward momentum, approaching the parity level and updating record lows. GBP/USD is at 1.0500, retreating slightly from its record lows at 1.0270. The pressure on the British currency is exerted by the actively growing dollar, the demand for which is supported by the growth of alarming sentiment in the market. In particular, last Friday, investors paid attention to the statistics on business activity in Europe and the US, which increased the likelihood that the economy will enter a recession in the near future. The UK Services PMI from S&P Global in September declined from 50.9 points to 49.2 points, dropping below the level of 50.0 points, which separates growth from recession. The S&P Global/CIPS Composite PMI for the same period fell from 49.6 points to 48.4 points, while the forecast suggested a decrease to only 49.0 points. In addition, the Consumer Confidence index from Gfk Group in September fell from -44.0 points to -49.0 points, while the forecast for a correction to -42.0 points.​

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XAUUSD
Gold prices show mixed dynamics, holding near 1640.00 and updating April 2020 record lows. The pressure on the position of the instrument is exerted by the growing dollar, which is supported by the deterioration of global economic forecasts. In addition, the meetings of world central banks last week, which resulted in the widespread tightening of monetary policy, had a noticeable pressure on gold. Only the Bank of Japan remained on the sidelines, announcing foreign exchange intervention. The US Federal Reserve raised rates by 75 basis points and is likely to adjust the value at least once before the end of 2022. It is noted that under certain conditions, the regulator may decide to raise the rate immediately by 1.25%.
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[cjorinne123456]

Do you have corporate accounts and wich benefits there are?

 

[SOLID ECN LLC]

Do you have corporate accounts and wich benefits there are?

Hi,

Thank you for sharing your inquiry with us.

Yes, we accept corporate accounts, and the registration process is the same as individuals.

The benefits of trading with Solid ECN Securities are as follows:

• Tight spread from zero
• Trade currencies with the lowest commission starting $2 per lot.
• High leverage trading
• MetaTrader 5
• 24/7 support
• Fast withdrawal

Should you have any concerns please do not hesitate to contact us.

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Morning Market Review


EURUSD
During the Asian session, the European currency is slightly reduced against the US dollar, renewing new record lows and testing the level of 0.9550 for a breakdown. Pressure on the positions of the trading instrument is exerted by weak macroeconomic statistics released in Germany at the beginning of the week. The Business Climate Index from the Institute for Economic Research (IFO) in September showed a decrease from 88.6 points to 84.3 points with a forecast of 87.1 points, while the Current Assessment indicator for the same period sharply corrected from 97.5 points to 94.5 points, while analysts expected a decline to only 96.0 points. The index of Economic Expectations fell from 80.5 points to 75.2 points, contrary to experts' forecasts of a more significant downward trend of 78.6 points. In addition, the demand for risky assets on the market is noticeably declining against the background of the escalation of the military conflict in Ukraine, as traders are waiting for a decision from the political leadership of Russia on the results of referendums held in parts of the occupied territories. In turn, some support for the quotes of the single currency was provided by the rhetoric of the President of the European Central Bank (ECB) Christine Lagarde, who noted the readiness of the regulator to continue raising the interest rate, despite the increased risks of a recession in the economy of the region. At the same time, the official acknowledged that the return of inflation to target levels may require more time than originally predicted.


GBPUSD
The pound continues the downward dynamics of trading during the morning session on September 28, resuming the decline after an uncertain attempt to correct the day before. At the moment, the GBP/USD pair is testing 1.0650 for a breakdown, waiting for new drivers to move. On Monday the markets were actively selling the British currency against the background of the announced measures of fiscal easing, which will create a significant burden on the budget of the United Kingdom. On September 22, the Bank of England predicted that after the decline in Gross Domestic Product (GDP) for two quarters in a row, the national economy had already entered a technical recession; however, officials adjusted the interest rate to the maximum since 2008 on expectations that inflation could peak just below 11.0% in October. The Treasury, together with the Bank of England, intends to develop a strategy to control the growing debt of the UK against the backdrop of a program previously announced by the country's new Prime Minister, Liz Truss, to subsidize electricity and heating bills for businesses and households for at least six months. Meanwhile, the British Retail Consortium (BRC) Retail Price Index released today rose 5.7% year-on-year in August after rising 5.1% in the previous month. At the end of the week, an updated estimate of the country's GDP dynamics for the second quarter will be presented.


XAUUSD
Gold prices are correcting, returning to the "bearish" trend after a slight increase the day before and testing the level of 1625.00. Quotes again closely approached the record lows of April 2020, updated at the beginning of the week, remaining under pressure from the rising dollar, as well as expectations of further interest rate hikes by the world's leading central banks. In particular, before the end of the year, another major increase in the indicator is expected from the US Federal Reserve, and analysts do not exclude that the regulator may decide to adjust immediately by 1.25%. Most likely, the European Central Bank (ECB), the Bank of England and others will also continue to tighten monetary policy. In turn, gold is moderately supported by the growing geopolitical tensions in Eastern Europe. At the moment, the markets are awaiting decisions from the Russian leadership in connection with the referendums held in the occupied territories.​

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Morning Market Review​

EURUSD
The European currency is falling, retreating after an active corrective growth the day before, when quotes retreated from record lows. The reason for the strengthening of the downtrend was mainly technical factors, as well as the prospect of foreign exchange interventions by regulators. In turn, the news background remained quite pessimistic, which did not allow the "bulls" to develop an uptrend. In particular, Gfk Group's Consumer Confidence Index, published yesterday in Germany, corrected from -36.8 points to -42.5 points in October, while analysts had expected a drop to only -39.0 points. In addition, the index of Economic Expectations in Switzerland in September from the Center for European Economic Research (ZEW) fell from -56.3 points to -69.2 points against the forecast of -48.5 points. The focus of investors today will be a block of data on the level of Consumer Confidence and Economic Sentiment in the euro area for September. Also, during the day statistics on the dynamics of inflation in Germany is expected to be released: the figure may accelerate sharply from 7.9% to 9.4% in September.


GBPUSD
The British pound is trading with downward dynamics, retreating from local highs, updated the day before. The GBPUSD pair is testing 1.08 for a breakdown, once again being under pressure from a weak macroeconomic background. The reason for the emergence of upward dynamics was the Bank of England's statements about the possible conduct of foreign exchange interventions. The regulator said that it will buy an additional part of long-term British bonds, and also take a break in new gold purchases. The market reacted to these statements ambiguously: sceptics reminded that the recent intervention by the Bank of Japan did not lead to any visible results, as the yen showed only a short-term increase, after which it quickly returned to its previous record lows. One way or another, the Bank of England is seriously concerned about the government's decision to carry out a number of reforms, including those to reduce the fiscal burden. All this creates significant pressure on the UK public debt, which, in turn, affects the stability of the economy as a whole. At the end of the week, investors expect the publication of updated data on the dynamics of the UK's Gross Domestic Product (GDP) for the second quarter.


XAUUSD
Gold prices are declining, correcting after an attempt to grow the day before, when many currencies, as well as precious metals paired with the US dollar, showed an active positive trend, based on a number of technical factors. The XAUUSD pair is supported by the deteriorating global economic outlook, but the threat of further interest rate hikes by the world's leading financial regulators is holding back the "bulls" undertakings. In addition, investors fear the possibility of a number of foreign exchange interventions. In particular, the Bank of Japan has already carried out such an operation, and the day before, the Bank of England also quite unexpectedly spoke in Favor of this decision. In addition, a significant pressure on the position of the instrument is exerted by the fact of the growth in the yield of US government bonds: 10-year Treasury securities rose to 3.984%. At the same time, investors recorded a short-term increase to 4%, which happened for the first time since October 2008.
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EURUSD
The European currency is trading with multidirectional dynamics, consolidating near 0.9800. Investors are in no hurry to open new trading positions at the end of the week, but the euro may develop a corrective momentum. The last two trading sessions, the instrument shows a moderate increase, which allowed the EUR/USD pair to retreat from record lows around 0.9530. At the same time, the macroeconomic background from Europe remains negative, and investors are concerned about the rapid slowdown in the region's economy. In Germany, the Consumer Price Index in September rose from 7.9% to 10.0% in annual terms, while markets expected an increase to only 9.4%, and in monthly terms, the figure accelerated from 0.3% to 1.9% , also well ahead of forecasts at 1.3%. The Harmonized Consumer Price Index for the same period rose from 8.8% to 10.9%, contrary to expectations at 10.0%. Additional pressure on quotes was exerted by data on the eurozone: Economic Sentiment Indicator in September decreased from 97.3 points to 93.7 points with a forecast of 95.0 points, and the Services Sentiment indicator for the same period fell from 8.1 points to 4.9 points with expectations of correction only up to 7.0 points.


GBPUSD
The British pound shows mixed dynamics, consolidating near 1.1100. For the last two trading days, the GBP/USD pair has been showing moderate growth, which so far fits into the technical correction after the collapse on September 23 and 26. Significant pressure on the positions of the British currency is exerted by investors' fears regarding the fiscal policy of the new British Prime Minister Liz Truss. Earlier, the official stepped up her rhetoric about the need for tax cuts, while the UK monetary authorities are hastily trying to restore liquidity in the market. However, interventions by the British regulator are unlikely to help significantly improve or somehow change the current situation on the market. This can only provide short-term support for the pound, while the fight against high inflation only becomes more difficult. The focus of investors today is a block of data from the UK on the dynamics of Gross Domestic Product (GDP) for the second quarter: on a quarterly basis, the figure fell from 0.8% to 0.2%, and on an annualized basis it decreased from 8.7% to 4.4%.


XAUUSD
Gold prices practically do not change, consolidating near local highs of September 23 and the level of 1665.00. Notable pressure on the XAU/USD pair is exerted by the rising yield of US government bonds in response to increased market worries about the prospects for global economic growth. Yesterday, the yield of ten-year Treasury securities rose to 3.768% from 3.707% shown at the previous auction. In addition, investors are reacting to signals from the US Federal Reserve about a further increase in interest rates, which so far does not harm the national economy too much. The American regulator, unlike many other world central banks, does not have to worry about the exchange rate of its national currency. Today, investors are waiting for the publication of a block of statistics on the levels of Personal Spending and Income of US households for August.
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EURUSD
The European currency shows mixed dynamics of trading against the US dollar during the Asian session, consolidating near local highs, updated at the end of last week. Then the euro managed to develop corrective growth, as a result of which the EURUSD pair updated local highs from September 22, rising slightly above 0.9850. Meanwhile, the macroeconomic and news background in the EU remains predominantly negative. Investors are evaluating the prospects for the development of the energy crisis against the backdrop of the heating season, which started on October 1, as well as the possibility of the subsequent operation of the Nord Stream gas pipeline. Last Friday, the focus of traders was macroeconomic statistics from the eurozone: the Consumer Price Index in September showed an increase to a new psychological level of 10.0%, while analysts expected an increase of only up to 9.7%, and in August inflation was fixed at 9.1%. On a monthly basis, the value accelerated from 0.6% to 1.2%. Macroeconomic data, however, further strengthened investor confidence that the European Central Bank (ECB) will intensify its "hawkish" rhetoric on the issue of further interest rate hikes.


GBPUSD
The pound is retreating from new local highs of September 23, updated at the end of last week, testing the level of 1.1100 for a breakdown. After a short corrective growth, largely due to technical factors, the British currency is again returning to decline against the backdrop of a difficult situation in the national economy. The newly elected government, led by Liz Truss, is trying to offset the effects of the energy crisis and the growing discontent of the citizens, proposing a plan to massively reduce the fiscal burden on households, but analysts fear that this could lead to a sharp increase in government borrowing and collapse the pound even more. The Bank of England met the government's proposals with great skepticism and was forced to announce foreign exchange interventions in order to support the pound. The International Monetary Fund (IMF) was also critical, noting that such measures could cause a sharp rise in inflation. In addition, the plan to change the fiscal burden will mostly affect wealthy Britons. Also, Truss intends to implement a program to subsidize electricity and heating bills. According to experts, such measures could cost the country's budget an additional 100.0 billion pounds.


Gold
Quotes of the XAUUSD pair are holding near the level of 1660.0, receiving moderate support from the corrective weakening of the US dollar at the end of last week, but the "bulls" still remained under pressure. In addition, gold is still reacting negatively to the rising yields of US government bonds. It is likely that this week the precious metal will return to the downward plane, as the world's leading financial regulators continue their policy of tightening monetary conditions. On Tuesday, October 4, a meeting of the Reserve Bank of Australia will be held, which may adjust the interest rate from 2.35% to 2.85%, and the next day, officials of the Reserve Bank of New Zealand will probably increase the rate from 3.0% to 3.5%. At the end of the week, investors will be watching the rhetoric of the representatives of the European Central Bank (ECB) and the Bank of England, hoping to hear plans for further tightening of monetary policy against the background of increased inflation to 10.0% in the EU. It is worth noting the high interest in gold from British investors after the plan announced by the national Ministry of Finance to reduce the fiscal burden in the context of the energy crisis. Long positions in the asset contrast sharply with the "bearish" sentiment in the precious metals market, as XAU/USD quotes have lost 11% since the beginning of the year, which was facilitated by the "hawkish" policy of the US Federal Reserve. However, the precious metals' status as a hedge against inflation and currency depreciation keeps high demand from retail investors.
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