EURUSD Economic Calendar: Quiet end to a busy week

> European indices trade 0.3-0.5% lower ahead of the opening
> Speeches from Fed and ECB members
> Earnings from Deere & Co, AMC Networks

European indices trade lower on Friday, following a downbeat US and Asian sessions. Moods on the global markets deteriorated further yesterday as higher-than-expected PPI reading added to concerns over inflation and scale of still needed tightening. USD is the best performing G10 currency but has pared some gains ahead of the European cash session open. Commodities find themselves under pressure amid stronger USD with gold trading 0.6% lower and oil dropping 0.5%.

Economic calendar for today is very light. There are no macro releases scheduled for release that tend to move the markets. The UK retail sales report was released at 7:00 am GMT and showed an unexpected increase (+0.3% MoM vs -0.5% MoM expected). GBP has had a fairly muted reaction to the release. Speeches from Fed and ECB members may offer some FX volatility

1:30 pm GMT - US, export prices for January. Expected: -0.2% MoM. Previous: 0.4% MoM

Central bankers' speeches

11:30 am GMT - ECB Villeroy
1:30 pm GMT - Fed Barkin
1:45 pm GMT - Fed Bowman

Top US earnings

Deere & Company (DE.US) - before market open
AMC Networks (AMCX.US) - before market open
AutoNation (AN.US) - before market open

Economic Calendar: FOMC Minutes, German IFO

> European indices set for flat opening of the cash session
> FOMC minutes due at 7:00 pm GMT
> German IFO data for February, Nvidia earnings

European stock market indices are set to open little change compared to yesterday's cash session closing levels. This comes after a downbeat US session yesterday and in Asia today. Nevertheless, moods look to have calmed down a bit as we head into a new trading day. Risky assets, like commodities or cryptocurrencies, are pulling back while precious metals trade a touch higher. NZD is G10 top performer following RBNZ rate hike while AUD lags the most after disappointing Q4 data.

Economic calendar for the day ahead is light but includes some interesting releases. FOMC minutes release is a key macro event of the day. Powell has been rather hawkish at its latest meeting and investors are eager to see details of discussion. Apart from that, traders will also be offered German IFO indices for February and API print on US oil inventories. RBNZ Governor Orr is set to speak in the evening while Nvidia is scheduled to report earnings after Wall Street close

> 9:00 am GMT - Germany, IFO index for February. Expected: 91.2. Previous: 90.2
> 9:00 am GMT - Italy, CPI inflation for January. Expected: 10.1% YoY. Previous: 11.6% YoY
> 7:00 pm GMT - FOMC minutes
> 9:40 pm GMT - API report on US oil inventories. Expected: +1.1 mb. Previous: +10.51 mb

Central bankers' speeches

> 7:10 pm GMT - RBNZ Governor Orr
> 10:30 pm GMT - Fed Williams

Top Wall Street earnings reports

> Baidu (BIDU.US) - before market open
> TJX (TJX.US) - before market open
> NVIDIA (NVDA.US) - after market close
> Lucid Group (LCID.US) - after market close
> Etsy (ETSY.US) - after market close

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.

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.

Solid-Standard Account

The Solid Standard was designed for traders who favor trading in live market situations to take measures to a professional ECN/STP trading but rather not to pay fees.

The Solid-Standard account is a unique account on the MetaTrader 5 trading platform that links some of the best features of real-market ECN trading with compact light spreads with no charge. These accounts are ideal for studying to trade under interbank market conditions with minimum risk.

You can begin with as low as $10 and trade without commission while experiencing the benefits of tight spreads that adapt according to the current market conditions.

Solid-Holy Account

Swap Free | No Hidden Fees

Solid-Holy accounts (also known as swap-free accounts) for customers who cannot earn or pay the interest due to their religious views.

The swap-free option is available on Solid-Standard account types on the MT5 platform.

Solid ECN is devoted to providing its clients with the best trading conditions. Solid ECN Islamic accounts offer state-of-the-art trading infrastructure and execution speeds enabling our traders to win a competitive edge.

Oil

On Tuesday, the market could see a drop in risk aversion

The recent panic in the stock market, which was linked to the problems of the banking sector in the USA, has been halted

The main stock indices from the Old Continent ended the session sharply higher
The DAX gained 1.83%, while the French CAC40 added 1.86% and London's FTSE closed 1.17% higher. Poland's WIG20 ended the session slightly above the benchmark +0.11%
DE30 quotations reached key short-term resistance at 15280 points
Today's CPI inflation data from the US was in line with expectations and showed that prices rose by 0.4% in February after accelerating by 0.5% in January. In contrast, annualised CPI was 6.0% in February, the smallest annual price increase since September 2021. (previously 6.4%). The underlying CPI was also in line with expectations.
Wall Street's major stock indices traded higher. The Nasdaq is up 1.5% at the time of preparing this commentary with the S&P500 and Dow Jones adding 1.05% and 0.45% respectively.
Apple halts bonus payments, Meta Platforms announces job cuts
Tuesday saw massive declines in crude oil. OPEC raised its forecast for crude demand growth in CHINA, but left the forecast unchanged when it came to global demand, explaining this by concerns about global economic growth. OIL.WTI quotes are losing more than 5%, with OIL down 4.5% and falling below the $77 per barrel level.
In the forex market today, we are seeing an outflow into commodity currencies, including the Canadian dollar, the New Zealand dollar and the Australian dollar. The Japanese yen is performing poorly. The EURUSD pair maintains bullish momentum and struggles to break out above the resistance level near 1.0750 on a sustained basis.
Tuesday brought a continuation of the increases in the cryptocurrency market. Bitcoin's quotations broke out with momentum above the USD 25,000 level, which is an important resistance in the medium term. Etherum's price, on the other hand, jumped above $1,750.
At 08:40 pm GMT, we will learn API data on oil stocks, and at 09:20 pm GMT, Bowman from the Fed will speak

OIL.WTI quotes have overcome an internal trendline, which could herald an attack on the December minimum at $70 per barrel.

USDJPY

The USDJPY pair settles around 134.00 level since yesterday, affected by stochastic negativity that slows the intraday bullish wave, waiting to resume the rise and achieve our positive targets that start at 135.40 and extend to 137.70 after surpassing the previous level.

Therefore, we will keep our bullish overview conditioned by the price stability above 133.30, as breaking it will put the price under the negative pressure again, to head towards visiting 131.75 areas initially.

AUDJPY

Monthly activity data from China was released during the Asian trading session and turned out to be mixed. This was the first monthly activity reading from China in 2023 and included year-to-date data for February, so for January and February combined. Industrial production missed expectations slightly, retail sales came more or less in-line with market expectations and urban investments beat expectations. While data came in mixed compared to expectations, a point to note is that all three metrics increased compared to year ago values. Small beat in retail sales data is welcome as Chinese authorities hinted they aim to leave fiscal spending more or less unchanged compared to 2022, meaning that domestic demand will be key in achieving goals set for 2023.

China, Monthly activity data for January-February period

> Industrial Production: 2.4% YoY vs 2.7% YoY expected
> Retail Sales: 3.5% YoY vs 3.4% YoY expected
> Urban Investments: 5.5% YoY vs 4.3% YoY expected

As it is usually the case, the Australian dollar moved following the release of Chinese data as China is a key trading partner for Australia, especially when it comes to commodities exports. Taking a look at AUDJPY at D1 interval, we can see that the pair jumped earlier today (orange circle) but has since erased all of the gains and turned lower. A point to note is that today's upward move could be seen as an attempt to break back above the lower limit of a recently broken upward channel. Attempts to climb back above this hurdle were made today, yesterday and on Monday and failed on all three days, suggesting that resumption of declines may be on the cards.

EURUSD

EURUSD pair’s strong decline stopped at 1.0515 yesterday, which formed solid support against the price, to rebound bullishly and start building bullish wave on the intraday basis, motivated by stochastic positivity.

Therefore, we expect to witness more bullish bias in the upcoming sessions, and the targets begin at 1.0640 and extend to 1.0745 after surpassing the previous level. On the other hand, we should note that breaking 1.0515 will stop the expected rise and press on the price to suffer additional losses that reach 1.0440.

USDJPY

The USDJPY pair faced clear negative pressure to break 133.30 and settles below it by today’s open, to head towards expected turn to decline, on its way to achieve negative targets that start at 131.60 and extend to 130.50.

The EMA50 forms negative pressure against the price to support the continuation of the expected bearish trend, while stochastic positivity might cause some sideways fluctuation before resuming the decline. Note that breaching 133.30 and holding above it will reactivate the positive scenario and push the price towards 135.40 initially.