Forex Top Team

While there are no major economic indicators today, cryptocurrencies are showing movement again

Today’s market kicks off with a lack of significant catalysts and adjustments ahead of upcoming events. Economic data releases are scheduled for Turkey’s consumer and producer prices (February), Switzerland’s consumer price index (February), and France’s fiscal balance (January) in the early European session. Notable indicators from the UK, Germany, Eurozone, and the US are not on the agenda.

In terms of speeches, we expect remarks from ECB President Holzmann and Philadelphia Fed President Harker. With the ECB Governing Council meeting scheduled for Thursday, financial authorities are generally refraining from extensive comments. However, given Holzmann’s recent statements and known hawkish stance, any remarks from him could attract attention, though market reaction may be limited without any dovish surprises.

Philadelphia Fed President Harker has previously expressed optimism about starting rate cuts this year but emphasized the need for more data to support such a move. His cautious approach received a muted market response. If he maintains a similar stance today, it’s likely to pass without significant impact.

Looking ahead, the focus shifts to a busy schedule from Wednesday to Friday, featuring events like speeches from Fed Chair Powell and BOJ Governor Kuroda, the ECB Governing Council meeting, and US employment statistics. Until then, market attention will likely be on stock market movements amid challenging cues. It’s essential to monitor the strength of pre-event adjustments.

While there are no major economic indicators today, cryptocurrencies are showing movement again. As I was a bit slow to catch up with Bitcoin’s movement, I’ve initiated a buy position on Solana. Keeping an eye on Bitcoin’s movement remains crucial.

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