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Dollar climbs after a batch of US data

Dollar rose against major currencies on Friday, bolstering the gains following a batch of new data.  

  • The data showed retail sales were flat last month, while analysts expected a 0.2% rise. 
  • Core sales rose 0.1% last month, beating estimates of a 0.1% dip.
  • Michigan\Reuters consumer confidence index rose to 59.8 in October from 58.6 in September.
  • Recent data this week showed consumer prices rose 8.2% in September, while analysts expected 8.1%, and compared to 8.3% in August. 

Such data bolsters the case for aggressive policy tightening and rate hikes by the Fed, which threatens a global recession.

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The dollar index rose 0.8% to 113.2 as of 17:56 GMT, with a session-high at 113.4, and a low at 112.1. 


 

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ETHUSD - Murray analysis

This week, the quotes have overcome the mark of 1321 (Fibo retracement 61.8%, the middle line of the Bollinger Bands) and can continue to grow to the upper limit of the lateral range of 1375, which will allow them to leave the descending channel and rise to the levels of 1450 (Fibo retracement 50.0%), 1500 (Murray [4/8]) and 1575 (Fibo retracement 38.2%). The reverse consolidation of the price below the level of 1321.00 will give the prospect of a return to the lower limit of the trading range of 1250, however, the resumption of serious downward dynamics is possible only in case of its breakdown. In this case, the targets will be 1125 (Murray [1/8]) and 1000 (Murray [0/8]).
 
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Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1125, 1000
 
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Bank of England said on Tuesday he's starting its program to sell government bonds next month, while setting aside long-term bonds initially. Launching quantitative tightening by the BoE triggered an important question in global financial markets about a nearby recession in the UK.

Quantitative Tightening

Bank of England is starting to sell its massive inventory of UK government bonds in November. 
It will sell short-term and medium-term bonds equally in the fourth quarter of the year, with similar volumes to what was announced previously. 
Bank of England said any deficit due to the previous delay will be merged with subsequent sales in 2023. 

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Liquidity Shortage 

Such a step will cut down on liquidity in the financial market, especially long-term bonds liquidity, just days after BoE ended an emergency program to purchase bonds to support the market. Markets were hoping for a delay to the active part of the program due to the ongoing volatility in the market since Liz Truss's budget reveal last month.

Recession
Many analysts believe the UK government will fall into recession due to ongoing financial instability. Quantitative tightening and lack of liquidity will definitely quicken the economy's potential fall into recession.

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Platform

The popular trading platforms are narrowed to a few. We chose the newest and the most advanced platform that is available in the market, the Meta Trader 5!

Why Meta Trader 5?
Contrary to commune belief, Meta Trader 5 is not an upgrade of MT4. The MT4 platform was developed for trading in the Forex environment, whereas MT5 was coded for CFDs, Stocks, and futures access. To be short, MetaTrader 5 is for more experienced and advanced traders, but before we go with the MT5, at Solid ECN we ran a survey of the traders we know and found out that most rookies and novice users are already with the MT5 platform, and for the first time the MT5 users have surpassed the MT4’s!

Major differences 

  • MT4 has 9-time frames, whereas MT5 offers 21-time frames. More time frames assist technical analyzers to have a better conception of the market movement. 
  • MT 4 has 4 pending orders, whereas MT5 provides 6 types of pending orders.
  • MT 4 doesn’t have the market depth, but MT5 market depth is accessed within the chart. 
  • MT5 has the Economic calendar on default.
  • MT4 has 4 types of pending orders, whereas MT5 holds 6 types. 
  • MT4 allows hedging only, whereas MT5 allows both hedging and netting on request.
  • MT5 has 38 technical indicators, 44 analytical objects and unlimited charts 
  • Partial order filling policies (fill/kill or cancel return) is another advantage of the MT5 for advanced traders. 
  • The strategy tester of the MT5 platform is multi-threaded but MT4 is single-threaded.

MetaQuote corporation has been sending announcements about stopping MT4 updates. Therefore, we believe it was in the best interest of all parties to go with the MT5 platform!

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ADAUSD - Murrey analysis

The ADAUSD pair is moving within a short-term downtrend and this week reached the year's lows around 0.3418 (Murrey [–2/8]). Fixing the price below this level will give the prospect of further decline to 0.3173 (Murrey [–2/8] for H4) and 0.2900 (the lower border of the downwards channel). The key point for the "bulls" remains 0.3906 (Murrey [8/8]), supported by the middle line of Bollinger Bands. If it consolidates above it, the price will return to the main Murrey trading range and can rise to the area of 0.4150 (Murrey [1/8], upper downwards channel border) or 0.4395 (Murrey [2/8]).
 
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Resistance levels: 0.3662, 0.3906, 0.415, 0.4395 | Support levels: 0.3418, 0.3173, 0.29
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Euro Declines Amid Grim Economic Outlook

Euro lost ground in European trade against dollar away from two-week highs on renewed profit-taking. The decline comes amid a grim outlook for the European economy, which continues to face mounting risks that might force it to slow down its monetary tightening plans. The dollar rose to week highs as US 10-year treasury yields spiked as well to fresh 14-year highs on prospects of more aggressive rate hikes by the Federal Reserve. 

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Grim Outlook
Analysts expect the grim outlook for Europe to hurt euro's standing amid mounting risks especially with the European trade deficit. Higher gas and oil prices also hurt import prices in a net energy importer, which in turn hurt industrial activities and led to a core commercial deficit. Also, a slowdown in China hurt trade with the EU and impacted European exports.

The Dollar Index
The dollar index rose 0.2% on Friday to week highs at 113.16 against a basket of major rivals. 
US 10-year treasury yields surged 1% today on track for the third profit in a row, hitting 14-year highs at 4.272%.

Such gains for US treasury yields came after a stream of bullish remarks by Federal Reserve officials, which paved the way for more aggressive policy tightening in the near future. 

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To make programming more accessible and effective, a laptop must include a few capabilities. For the majority of programming languages, a CPU with a minimum frequency of 5 GHz is required, and at least 4 GB of RAM is advised. Additionally, the laptop needs to have a lot of storage space since programming frequently calls for big files. Since solid-state drives are quicker than conventional hard drives, they are the best option. A programming laptop should also feature a comfortable keyboard and trackpad because comfort is crucial while writing code for extended periods of time. There are so many laptop options available that choosing one to use for programming might be overwhelming.

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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 hits three-week high ahead of major European data
Euro rose on Monday for the third straight session against dollar, hitting three-week highs on prospects Bank of Japan might intervene in the market, and ahead of major European data in October. The dollar index hit multi-week lows as US 10-year yields decline while risk appetite improves in the market. 
 
EURUSD rose 0.3% to 0.9899, the highest since October 5, after rising 0.75% on Friday, the second profit in a row as investors buy up riskier assets.
 
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Major Data
Investors await important European data later today, including the manufacturing and services PMIs in October for Europe. Such data will offer clues on the state of the European economy in the fourth quarter.
 
 
The Dollar 
The dollar index fell 0.4% on Monday for the third session to three-week lows at 111.47 against a basket of major rivals. US 10-year treasury yields fell over 2% for the second session away from 15-year highs at 4.335%, improving risk appetite. 
 
Such developments come on profit-taking and prospects Bank of Japan might intervene soon in the market to support yen against major rivals.
 
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Solid ECN Affiliate Program

Become part of the Solid ECN Affiliate Program and be a member of one of the most profitable affiliate programs globally. Start earning a tangible income from your existing traffic. With an affiliate program that grants the highest conversion rates, an extensive generous payment plan with the highest commission percentage available, Solid ECN is your safe trustworthy companion. 

At Solid ECN we enable our affiliates by offering technology, support, and tailored tools (including banners and widgets) to have a world-class, hassle-free experience!

> High-end Commissions
> True ECN/STP Execution
> Competitive Commission Model
> Global Payment Methods
> Fast & on-time Payments
> Marketing Materials & Generous Promotions
> 24/7 Client Support
> Daily Tracking and Reporting
 

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EURUSD
The European currency shows a slight increase, consolidating near 0.9880 and updating local highs from October 6. The activity of the "bulls" remains quite low, as traders are concerned about the prospect of economic growth in Europe against the backdrop of high energy prices. The euro is also slightly supported by the comments of the representatives of the American regulator, who are increasingly speaking in favour of softening their position on further tightening of monetary policy. One way or another, the US Federal Reserve, the European Central Bank (ECB), and the Bank of England are preparing to raise interest rates in early November, and after this, time will probably be given to evaluate the measures already taken. Macroeconomic statistics released yesterday in Europe puts additional pressure on the positions of the single currency, preventing the "bulls" from realizing their accumulated potential. The S&P Global Manufacturing PMI in Germany fell from 47.8 points to 45.7 points in October, while analysts expected a decrease to 47.0 points, and the Services PMI adjusted from 45.0 points to 44.9 points, 0.2 points higher than the predicted value. In the eurozone, the Manufacturing PMI fell from 48.1 points to 47.1 points (against the forecast of 47.5 points), and the Services PMI declined from 48.8 points to 48.2 points.

eurusd-m.png
 

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EURUSD

The European currency shows flat trading dynamics, consolidating near 0.9950 and updating local highs from October 5. Yesterday, the pair EUR/USD showed a fairly active growth, which was due to a sharp correction in the US currency in response to the publication of disappointing statistics. The Housing Price Index in the US in August fell by 0.7% after falling by 0.6% in the previous month, while analysts' forecasts assumed a value of -0.3%. S&P/Case-Shiller Home Price Index fell from 16.0% to 13.1% YoY, which was worse than the expected 14.4%, and also became the most significant slowdown in the index on record. Analysts believe that the negative dynamics will be reflected in the monetary policy of the US Federal Reserve. Despite a sharp decline in home prices, activity in the real estate market is yet to recover, as mortgage rates have alienated potential buyers, who are now more focused on meeting basic needs. In turn, some support for the euro on Tuesday was provided by data from Germany, where the index of Business Climate from the Institute for Economic Research (IFO) corrected from 84.4 points to 84.3 points in October, while expectations were at 83.3 points. The indicator for Current Assessment, in turn, decreased from 94.5 points to 94.1 points, with the forecast for a fall to 92.4 points, and the index of Economic Expectations increased from 75.3 points to 75.6 points, while analysts assumed its correction to 75.0 points.

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XRPUSD - Technical analysis

The uncertainty of the movement of quotations is associated with the approaching timing of the court decision on the suit of the Securities and Exchange Commission (SEC) against Ripple, as well as the departure of one of its leading specialists, Nik Bougalis, who was previously involved in the software of the XRP Ledger payment system. To continue the decline, the quotes will have to consolidate below 0.4330 (Fibonacci correction 23.6%). In this case, the decline will continue to 0.3906 (Murrey [0/8]) and 0.3570. The zone 0.4883–0.4780 (Murrey [2/8], the middle line of Bollinger Bands) seems to be the key “bullish” region, the breakdown of which will lead to the price exiting the long-term downward channel and give the prospect of further growth to 0.5219 (Fibonacci correction 38.2%) and 0.5371 (Murrey [3/8]).
 
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Resistance levels: 0.4883, 0.5219, 0.5371 | Support levels: 0.4330, 0.3906, 0.357
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Euro hits six-week high ahead of ECB decisions

Euro rose in European trade on Thursday for the sixth straight session against dollar, hitting six-week highs after piercing parity successfully, ahead of the European Central Bank's decisions later today, expected to increase interest rates by 75 basis points for the second time in a row. 

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Dollar extended its losses amid estimates the Federal Reserve will alleviate its aggressive stance on US interest rates as recession threatens the economy. 
EURUSD rose 0.15% to 1.0093, the highest since September 13, after rising 1.2% yesterday, the fifth rise in a row, and the largest profit since October 17 amid signs of economic weakness. 

DXY-2022-10-27-14-48-22.png
 

ECB
Investors await the results of the ECB's policy meeting today as inflation in Europe hits successive record highs while the fuel crisis develops. Most analysts expect the ECB to increase interest rates by 75 basis points to 2%, the highest since 2008. ECB President Christine Lagarde will explain the decision following the meeting by 12:45 GMT.

The Dollar
The dollar index fell 0.1% today for the third session in a row, plumbing five-week lows at 109.53 against a basket of major rivals. A string of negative US data showed weakness in the world's largest economy and hurt prospects of aggressive policy tightening by the Federal Reserve. 

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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.
 

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EURUSD

The European currency shows moderate growth, trying to recover from a corrective decline the day before. The EUR/USD pair is again preparing to test the strong resistance level of 1; however, investors are waiting for the publication of macroeconomic statistics in Europe and the US. Today, Germany will present data on the dynamics of Gross Domestic Product (GDP) for the third quarter. Europe's largest economy is expected to decline by 0.2% after rising 0.1% in the previous month, and on an annualized basis, the rate is likely to slow from 1.8% to 0.7%. During the day, October data on consumer inflation will also be released in Germany, and the eurozone will report on the level of consumer confidence. In addition, investors evaluate the results of the meeting of the European Central Bank (ECB). As expected, the regulator adjusted the interest rate by 75 basis points for the second time in a row from 1.25% to 2.00%. In a follow-up statement, board members spoke in favour of further tightening of monetary policy to achieve inflation targets, which have not yet been revised and are at around 2.0%.

eurusd-n.png
 

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Euro Climbs Amid Forecasts about European Rates

Euro rose in European trade against a basket of major rivals, away from week lows against dollar on prospects the European Central Bank might hike interest rates by 75 basis points for the third time in a row in December. The dollar lost ground ahead of the Federal Reserve's policy meeting later today, expected to announce its decisions tomorrow with a 0.75% rate hike to interest rates. 

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  • EURUSD rose 0.6% to 0.9938, after falling 0.9% yesterday, plumbing week lows at 0.9872 as US treasury yields surge.
  • Euro rose 0.8% on October, the first monthly profit in five months as the ECB finally moved aggressively to control record inflation. 


European Rates

Europe's consumer prices rallied 10.7% in October, a record high, passing estimates of 9.9%, and up from 9.9% in September. 

As inflation hits double digits in Europe, analysts expect the ECB to raise interest rates by 75 basis points for the third time in a row in December. ECB President Christine Lagarde already warned from the record inflation rates all over the euro zone, noting the bank hasn't reached its targets yet with prices. 

gbpusd-n.png

 

The Dollar

The dollar index fell over 0.5% on Tuesday on track for the first loss in four sessions against a basket of major rivals. Investors await the Federal Reserve's policy meeting later today, expected to announce its decisions tomorrow with a 0.75% rate hike to interest rates. 
 
DXY-2022-11-01-12-05-58.png
 

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ETHUSD - Murrey levels analysis

Last week, the ETHUSD pair attempted to grow within the general market trend, left the stable sideways range of 1375 – 1250 (Murrey [2/8]–[0/8]), and reached two-month highs around 1663.

eth.png

Currently, quotes have rolled back to the area of 1562.5 (Murrey [5/8], Fibonacci retracement 38.2%), but the upward momentum may not be lost yet. In case of re-consolidation above 1625 (Murrey [6/8]), positive dynamics may continue to 1750 (Murrey [8/8], Fibonacci retracement 23.6%) and 1812.5 (Murrey [+1/8], the upper limit of the long-term downlink). The key "bearish" level is 1500 (Murrey [4/8]). Its breakdown will give the prospect of quotes returning to 1410 (the middle line of Bollinger bands), 1375 (Murrey [2/8]), 1312.5 (Murrey [1/ 8], Fibonacci retracement 61.8%).

Resistance levels: 1625, 1750, 1812.5 | Support levels: 1500, 1410, 1375, 1312.5
 

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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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