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Economic calendar: Second-tier US data, central bankers' speeches​

• European indices set for slightly higher opening​
• Second-tier data from the United States​
• UK PM Sunak meets EC President von der Leyen to discuss Northern Ireland protocol​

European index futures point to a slightly higher opening of the cash session on the Old Continent today. This comes after a rather downbeat Asian session during which most of the regional indices traded lower.

Economic calendar for the day ahead is light. Traders will be offered some second-tier data from the United States, like durable goods orders or pending home sales. UK Prime Minister Sunak is set for a meeting with EC President von der Leyen to discuss Northern Ireland protocol. UK Deputy PM Raab said that great progress has been made and that the deal is close so GBP may see some moves today if some kind of statement is released after the meeting.

While today's calendar is light, things get more interesting later into the week with the release of February CPI data from Europe, ECB minutes or US ISM indices for February.

1:30 pm GMT - US, durable goods orders for January.​

• Headline. Expected: -3.9% MoM. Previous: 5.6% MoM​
• Ex-transport. Expected: 0.1% MoM. Previous: -0.2% MoM​

3:00 pm GMT - US, pending home sales for January. Expected: 0.9% MoM. Previous: 2.5% MoM
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Central bankers' speeches​

• 9:00 am GMT - BoE Broadbent​
• 11:00 am GMT - BoE Saporta​
• 3:30 pm GMT - Fed Jefferson​
• 3:45 pm GMT - ECB De Cos​
• 5:00 pm GMT - ECB Lane​

Key reports in the later part of the week
​

Tuesday​

• China PMIs for February​
• French CPI for February​
• Canadian GDP report for Q4​
• US Conference Board consumer confidence index for February​

Wednesday​

• Final manufacturing PMIs for February from Europe and the United States​
• German CPI for February​
• US ISM manufacturing index for February​

Thursday​

• Euro area CPI for February​
• ECB minutes​

Friday​

• Final services PMIs for February from Europe and the United States
• US non-manufacturing ISM index for February

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EURUSD

Flash CPI reports for February from France and Spain were released today at 7:45 am GMT and 8:00 am GMT, respectively. Expectations were for a slight acceleration in French headline price growth and a slight slowdown in Spanish price growth. French data turned out to be higher-than-expected and provided some support for EUR while pushing European indices, like DE30, slightly lower. Spanish reading further magnified those moves as it showed price growth accelerating in spite of an expected slowdown.

France​

• Annual: 6.2% YoY vs 6.1% YoY expected (6.0% YoY previously)​
• Monthly: +0.9% MoM vs +0.7% MoM expected (+0.4% MoM previously)​

Spain​

• Annual: 6.1% YoY vs 5.7% YoY expected (5.9% YoY previously)​
• Monthly: +1.0% MoM vs +0.9% MoM expected (-0.4% MoM previously)​

Those releases offer an important insight but, as far as market reaction is concerned, the best is yet to come. German CPI reading for February, the most closely watched one in Europe, will be released tomorrow at 1:00 pm GMT and is expected to show a slowdown from 8.7 to 8.5% YoY. Release of ECB minutes scheduled for Thursday, 12:30 pm GMT also has a scope to move EUR.

EURUSD

EURUSD caught a bid following French and Spanish CPI data and retested the 1.06 mark. However, no decisive break higher was made yet.

DE30

Equities, including German DE30, took after today's CPI data. DE30 is making a test of the lower limit of the ongoing short-term trading range in the 15,300 pts area.
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Refund Policy

There is no perfection in services online, and when funding is involved, we believe that the merchant should have a transparent refund policy. Solid ECN Securities acknowledges customer rights, and for that reason, we drafted the Solid-Refund policy. There are circumstances when it is essential to return payment. Clients may submit a refund petition if the merchant service was not as described or the service was not functional or if the client justifies the reason.

We tried to make the money return policy concise, simple, and clear to give our customers a feeling of security. That is why we guarantee our services, and if it wasn’t as described the consumer has the right to apply for a money return.​

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EURGBP

EUR could be on the move later today when the CPI report for February from the euro area and ECB minutes are released at 10:00 am GMT and 12:30 pm GMT, respectively. CPI reading may draw more attention as it will be more timely - keep in mind that ECB minutes will be a recap of discussions from around 3 weeks ago and therefore views included may be outdated. In fact, many ECB members have struck a hawkish tone since the latest meeting with ECB President Lagarde saying this morning that a 50 bp rate hike at the March meeting is still on the table. This has provided some support for EUR this morning and put some pressure on European equities. Lagarde also said that she does not expect recession in the euro area and that inflation should start to slow from march due to base effects.

Taking a look at EURGBP chart at D1 interval, we can see that the pair has climbed to the 0.8900 resistance zone yesterday. An attempt to break above was made today on the back of Lagarde's comments but those gains were already erased. Nevertheless, another attempt cannot be ruled out given two potential EUR-volatility events later in the day (CPI and ECB minutes). Also the pair may see some action during speeches from ECB Schnabel (12:30 pm GMT), BoE Tenreyro (1:00 pm GMT) and BoE Pill (3:00 pm GMT).​

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Bitcoin

Concerns over the condition of crypto bank Silvergate mount and it is putting pressure on cryptocurrencies. Bitcoin plunged below the $23,000 mark and is trading over 4% lower on the day.

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Bitcoin

Cryptocurrencies are on watch as potentially another collapse is brewing on the markets. Concerns are mounting over the financial condition of Silvergate Bank, a bank that specializes in cryptocurrency transactions. Silvergate warned in a filing on Wednesday that recent losses that the bank has experienced may leave it with less capital than it needs. Company also said that it failed to meet the deadline to submit its annual report to the US Securities and Exchange Commission.

Reaction was quick with hedge funds, partners and investors pulling out from the Bank, leading to a collapse in its share price. Cryptocurrency companies, like for example Coinbase, stop accepting and initiating payments to or from Silvergate. However, some companies, like for example BitStamp, warned that they cannot be held responsible for any funds deposited at Silvergate accounts, signaling to clients that they decide to use Silvergate accounts at their own risk.

Whole situation is putting pressure on cryptocurrencies with major coins dropping 3-7% today. Taking a look at the BITCOIN chart at the D1 interval, we can see that the coin is testing a major support zone today. The $22,450 area is marked with previous price reactions as well as the lower limit of a local market geometry. A break below would, at least in theory, hint at a short-term trend reversal. In such a scenario, declines could deepen with sellers targeting the next support zone in-line - $21,200 area marked with previous price reactions and 100-period Exponential Moving Average (green line).​

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[SOLID ECN LLC]

Refund Policy

There is no perfection in services online, and when funding is involved, we believe that the merchant should have a transparent refund policy. Solid ECN Securities acknowledges customer rights, and for that reason, we drafted the Solid-Refund policy.

There are circumstances when it is essential to return payment. Clients may submit a refund petition if the merchant service was not as described or the service was not functional or if the client justifies the reason.

We tried to make the money return policy concise, simple, and clear to give our customers a feeling of security. That is why we guarantee our services, and if it wasn’t as described the consumer has the right to apply for a money return.
​

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Payment Methods

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With Solid ECN, any trader can take advantage of +50 crypto payments.

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Solid ECN brings vital advantages for forex traders in the US, EU, and beyond. High levels of market transparency mean price manipulation is not possible.
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Solid ECN Products

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USDCAD - Growth is possible​

If the assumption is correct, the USDCAD pair will grow to the area of 1.3850 – 1.3977. In this scenario, critical stop loss level is 1.3554.

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USDCHF -Growth is possible.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9600 – 0.9819. In this scenario, critical stop loss level is 0.9287.

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