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Euro jumps to four-month high on German bonds

Euro rose in European trade against dollar after a short hiatus from gains, hitting four-month highs as two-year German yields hit 14-year highs ahead of expected ECB policy tightening. The dollar plumbed fresh three-month lows ahead of US producer prices data, important for gauging inflation in the economy. EURUSD rose over 0.8% to 1.0412, the highest since July 5, after closing down 0.3% yesterday, the first loss in three days after marking the largest weekly profit since March 2020.


German Yields

US two-year German yields rose over 4% after a short hiatus from gains, almost touching 14-year highs at 2.252%. It comes amid developments in the German bonds market as the ECB is expected to aggressively tighten policies and close the gap with the Fed.

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The Dollar

The dollar index fell over 0.7% to three-month lows at 106.09 against a basket of major rivals, following the largest two-day loss since early 2020. The selloff comes ahead of US producer prices data later today, expected to provide further clues on prospects of rate hikes in December. Markets are pricing in a 89% chance of a 0.5% rate hike in December, and just an 11% chance of a 0.75% hike.

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Euro gives up four-month high on profit-taking

Euro fell in European trade off four-month highs on track for the first loss in three days on active profit-taking, while two-year German yields fell. Dollar rebounded from multi-month highs after strong data on US retail sales in October following remarks by Fed officials which asserted the continued efforts to bring inflation down. EURUSD fell over 0.3% to 1.0359, with a session-high at 1.0398, after rising 0.45% on Wednesday, the second profit in a row, marking four-month highs at 1.0481.

https://i.ibb.co/9t1Ms5C/eurusd-n.png

Such gains came as concerns about a wider conflict in eastern Europe subsided as the NATO stated the recent missile that hit Poland was probably a mistaken shot from the Ukrainian air defence force.


German Yields

Two-year German treasury yields fell over 0.6% today away from recent 14-year highs, in turn pressuring euro. A recent spike in yields to 14-year highs at 2.252% played a major role in recent extensive gains by the euro as the ECB prepares more aggressive policy tightening to come.


The Dollar

The dollar index rose 0.3% on Thursday away from three-month lows at 105.34, on track for first profit in three sessions against a basket of major rivals. The gains came after data showed US retail sales rose past estimates in October.

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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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Euro sharpens decline to two-week low amid grim outlook

Euro fell in European trade against dollar for third straight session, hitting two-week lows amid grim outlook for European services and manufacturing, which could hinder the ECB's policy tightening plans. The dollar extended its gains following recent remarks by Fed officials, which confirms the ECB will carry on its battle against inflation in the US. EURUSD fell 0.7% fell 1.0252, the lowest since November 11, after losing 0.4% on Friday, the second loss in a row as two-year German treasury yields slowed down.

Euro fell 0.3% last week against dollar on profit-taking away from four-month highs at 1.0481.

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Grim Outlook

Europe's manufacturing PMI data are expected later today to show a slowdown in activities in November.
The data is expected to bring down bets on the European Central Bank's expected rate hikes at upcoming meetings.


The Dollar

The dollar index rose 0.6% on Monday on track for the third profit in a row, hitting two-week highs at 107.59 against a basket of major rivals.
Recent US data showed retail sales rose past estimates in October, while Fed officials such as San Francisco Fed President Mary Dale said it's reasonable the Fed will raise rates to 5.25% by early next year.

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Morning Market Review

EURUSD
The European currency shows an attempt at corrective growth, testing the level of 1.0260 for a breakout. The EUR/USD pair is recovering after a noticeable decline the day before, as a result of which the single currency updated local lows from November 11. At the same time, market activity remains reduced, as trading participants are in no hurry to open new positions ahead of the publication of the minutes of the US Federal Reserve meeting, as well as a block of macroeconomic statistics on the dynamics of Durable Goods Orders in October and business activity in November. Analysts expect new signals from the US regulator regarding future monetary policy. It is assumed that already in December, the Fed may go for some softening of its rhetoric and raise the interest rate by only 50 basis points. However, the value could be adjusted to higher levels than originally estimated as domestic inflation remains well above the 2.0% target. Uncertain macroeconomic statistics from Germany put pressure on the single currency yesterday. The Producer Price Index in October fell by 4.2% after rising by 2.3% in the previous month, while analysts expected an increase of 0.9%, and in annual terms, the dynamics slowed down from 45.8% to 34.5%, which also turned out to be worse than forecasts at the level of 41.5%.


GBPUSD
The British pound is trading with a weak upward trend, testing the level of 1.1850 for a breakout. The GBP/USD pair is recovering after a moderate decline at the beginning of this week; however, the activity of the "bulls" remains very low, as investors expect new drivers to appear on the market. The focus of traders is a block of macroeconomic statistics from the US on the dynamics of Durable Goods Orders, as well as the publication of the minutes of the US Federal Reserve, which will be released tomorrow. Traders will assess the likelihood of a slowdown in the tightening of monetary policy, as previously repeatedly stated by representatives of the regulator. In turn, the global vector for a gradual increase in the cost of borrowing is likely to continue, and therefore the American currency is in high demand. In the middle of the week, speeches by representatives of the Bank of England are also expected, including David Ramsden, Huw Pill and Catherine Mann. Moderate tightening of monetary policy is also expected from the British regulator in the future; however, the UK, in addition to raising interest rates, is trying to stabilize the economic situation by reducing government spending and increasing the fiscal burden.


XAUUSD
Gold prices show corrective growth, recovering from a four-day decline, as a result of which the instrument retreated from local highs to lows from November 10. The XAU/USD pair is testing 1745.00 for a breakout, waiting for new drivers to appear on the market. Demand for gold is gradually recovering as the publication of the minutes of the US Federal Reserve meeting approaches, which may contain hints regarding future monetary policy. The market expects the regulator to allow some weakening of its position in December and raise the interest rate by only 50 basis points. In addition, the minutes will contain updated forecasts regarding economic growth rates and inflation dynamics for the near future. The pressure on the trading instrument is also exerted by the upcoming meeting of the Reserve Bank of New Zealand (RBNZ), which will be held on Wednesday, November 23. Forecasts suggest that the interest rate will be raised again by 75 basis points to 4.25%.

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Euro hovers near four-month high on US interest rate prospects

Euro rose in European trade against a basket of major rivals for the third straight session against dollar, almost hitting four-month highs amid fading concerns about the widening policy gap between the US and Europe. The dollar fell to near three-month lows under pressure from Fed's minutes, which bolstered the case for a 0.5% rate hike in December.

EURUSD rose 0.5% to 1.0448, after closing  up 0.9% yesterday, the second profit in a row, as risk appetite improved.

https://i.ibb.co/LYFpQG1/eurusd-n.png

Four-Month Peak

Euro hit four-month highs at 1.0481 on November 15 before entering a descending wave on profit-taking.
Current gains amid fading concerns about the policy gaps between the US and Europe, with the ECB expected to increase interest rates by 75 basis points in December.
It's now also widely expected the Fed will increase rates by only 0.5% next month instead of 0.75%.


The Dollar

The dollar index fell 0.4% on Thursday, sharpening losses for the third day in a row, and hitting three-month lows at 105.34 against a basket of major rivals.
Fed's minutes yesterday showed US policymakers are content about the slowdown in inflation, and are moving toward smaller rate hikes.

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GBPUSD - Statistics from the US again disappointed investors

The pound is actively gaining in value after the publication of data on business activity in the leading sectors of the economy and the depreciation of the US currency, currently trading around 1.2110.

Thus, UK Manufacturing PMI in November consolidated at 46.2 points, which exceeded the analysts' forecast of 45.7 points, and Service PMI amounted to 48.8 points, improving the analysts' forecast of 48.0 points. The Composite PMI rose to 48.3 from 48.2 in October, the first monthly increase since June.

https://i.ibb.co/PrMnCX9/gbpusd.png

On the daily chart, the trading instrument moves within the local rising channel, reaching the resistance line at 1.2200 yesterday, and technical indicators are preparing for a local correction.

Support levels: 1.1958, 1.163 | Resistance levels: 1.2220, 1.2590

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NZDUSD - Growth is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the wave (C) and the first entry wave of the lower level i of 1 of (C) are developing, within which the wave (i) of i has formed, a local correction has ended as the wave (ii) of i, a local correction ended as the wave (ii) of i, and the wave (iii) of i is developing.

If the assumption is correct, the NZDUSD pair will grow to the area of 0.6465 – 0.66. In this scenario, critical stop loss level is 0.6053.

https://i.ibb.co/1Z8D8m4/nzdusd.png

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ADAUSD - Murrey analysis

The ADAUSD pair continues to trade within the medium-term downward channel, where it returned at the beginning of this month: at the weekend, the price reached the year’s lows around 0.2945 but is currently trying to restore positions. However, the upside potential is limited by strong resistance 0.3418 (Murrey level [2/8], the middle line of Bollinger bands, the upper border of the downwards channel).

https://i.ibb.co/t3QGtbh/ada.png

In general, the downward trend in the market continues, which is signaled by a downward reversal of Stochastic and stabilization of the MACD histogram in the negative zone. Under these conditions, the key “bearish” level is 0.2929 (Murrey level [0/8]). The consolidation below it allows a decline to 0.2685 (Murrey level [−1/8]) and 0.2441 (Murrey level [−2/8]). In general, the resumption of the cryptocurrency decline soon seems more likely.

Resistance levels: 0.3173, 0.3418 | Support levels: 0.2929, 0.2685, 0.2441

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S&P 500 - Prospects for a slowdown in the US Fed's “hawkish” rate support the stock market

The American stock market continues to recover its positions against the backdrop of positive signals from the US Federal Reserve, which were received from the minutes of the last meeting of the monetary policy department. According to the published document, the agency acknowledges the serious uncertainty in the economy associated with high interest rates and does not rule out the start of a slowdown in the pace of their adjustment to assess the effect on the economy from the steps already taken. Also, the previous level of stability of the value was revised upwards, and this gives the market a signal that the rate will change next year as well. Thus, analysts confirmed their confidence in the continued tightening of monetary stimulus by the US Federal Reserve, but at the December meeting, they expect an increase of 50,0 basis points, and not 75,0 basis points, as it was in November.

https://i.ibb.co/WndZn64/sp500.png

The index quotes continue the local corrective trend, and on the daily chart, they still form a Flag pattern, rising toward the resistance line, and technical indicators hold a buy signal.

Support levels: 3940, 3746 | Resistance levels: 4126, 4310

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USDJPY suffers strong losses

The USDJPY pair suffered strong losses yesterday, as it broke 140.75 level strongly and declined to surpass 139.45 level, which pushed the price to resume the bearish wave on the short term basis, paving the way to achieve new negative targets that start at 137.60 and extend to 136.5.

https://i.ibb.co/1GmP2p2/usdjpy-1.png

Therefore, the bearish bias will be suggested for today unless the price managed to breach 139.45 and hold with a daily close above it. The expected trading range for today is between 137.60 support and 139.60 resistance, the expected trend for today is Bearish.

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Payment Methods

Solid ECN Securities added more than 50 cryptocurrencies to its payment system. Our clients at Solid ECN can manage their account funding by a wide range of cryptos, from bitcoin to Zilliqa, all are available in the Solid-Dashboard > Account funding.

Solid ECN took this step to offer cost-effective payment methods for its customers. The blockchain transfer fee of the major cryptocurrencies have been increasing, therefore, retails are interested in trying the alternatives.

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

> It is secured;
> It is undisclosed;
> it is decentralized.

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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Dollar on track for weekly losses on Fed rates

Dollar fell in European trade on Friday against a basket of major rivals, extending the gains for the fourth day in a row, and almost hitting three-month lows, and on track for the second weekly loss in three weeks following weak US data and the release of Fed's minutes. Such Fed minutes clearly bolstered the case for a 0.5% rate hike in December and a slower pace of policy tightening.

https://i.ibb.co/zxZpKBj/eurusd-n.png

The Index

The dollar index fell 0.25% to 105.68, with a session-high at 106.16, after closing down 0.2% yesterday, the third loss in a row, edging near three-month lows at 105.34. Dollar is now down 1.2% so far this week on track for the second weekly loss in three weeks.

https://i.ibb.co/X50rdQz/dxy.png

Weak Data

Recent US data showed manufacturing and services activities tumbled heavily in November, hinting at potential economic recession in the fourth quarter of the year.


The Fed

Fed's minutes released for the November 1-2 meeting showed most policymakers agreed it's important to slow down the pace of policy tightening.


Fed Minutes

Chances for a 0.5% rate hike in December by the Fed rose from 75% to 85% after Fed's minutes, while chances for a 0.75% rate hike fell from 25% to 15%.

192 (edited by SolidECN Yesterday 10:01:35)

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Solid ECN - Account Types

Solid ECN gives multiple account types on the MetaTrader 5 trading platform to help individuals and corporate customers to exchange Forex and Derivatives online.

All Retail, associates, and White-Label clients have the possibility to access various spreads and liquidity via state-of-the-art automatic trading platforms. Solid ECN grants an exceptional type of account options that clients can choose to experience a tailored trading experience that perfectly fills their needs.

United with excellent trading conditions and lightning-fast execution, Solid ECN provides all the tools and aids required for clients of any level to accomplish their trading goals.

Whether you’re a casual trader or experienced investor, Solid ECN offers an extensive range of account options. Through our true ECN accounts, we’re able to deliver spreads from 0 pips and millisecond execution against best bid / ask prices—all with world-class customer service.

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Solid ECN - Account Types

Solid ECN gives multiple account types on the MetaTrader 5 trading platform to help individuals and corporate customers to exchange Forex and Derivatives online.

All Retail, associates, and White-Label clients have the possibility to access various spreads and liquidity via state-of-the-art automatic trading platforms. Solid ECN grants an exceptional type of account options that clients can choose to experience a tailored trading experience that perfectly fills their needs.

United with excellent trading conditions and lightning-fast execution, Solid ECN provides all the tools and aids required for clients of any level to accomplish their trading goals.

Whether you’re a casual trader or experienced investor, Solid ECN offers an extensive range of account options. Through our true ECN accounts, we’re able to deliver spreads from 0 pips and millisecond execution against best bid / ask prices—all with world-class customer service.

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