Daily summary: Quiet start of the interesting week

• Major European indices finished today's session mostly lower, with Dax closing slightly below the flatline as traders brace themselves for the release of critical PMI data for the eurozone and the US due tomorrow before the publication of FOMC minutes later on Wednesday. 

• ECB's Rehn said rates should be raised after March and the terminal rate could be reached this summer.

• Magnitude 6.3 earthquake hits Turkey/Syrian border.

• Goldman Sachs lifted the terminal rate for ECB to 3.5%.

• SNB Vice Chair Schlegel said Swiss central bank is still willing to be active in FX markets

• US markets are closed today due to observance at Presidents Day therefore liquidity conditions in the afternoon are thinner. US index futures trade slightly lower.

• Rising geopolitical tension weighed on market sentiment as Washington warned Beijing of consequences should China provide material support to Russia's invasion of Ukraine. Meanwhile President Biden visited Kiev and pledged further support for Ukraine. At the same time Chinese top diplomat Wang Yi, is due in Moscow and possibly for a meeting with Putin.

• Facebook-owner Meta unveiled a new paid subscription service.

• Mixed moods prevail on energy commodity markets. Oil price rose 1.0% as analysts expect China's oil imports to hit a record high in 2023. NATGAS price hovers near recent lows driven primarily by concerns over excessive supply in the US as well as in Europe as winter period draws to a close.

• Precious metals are trading higher amid a weaker US dollar. Gold price bounced off the major support zone between $ 1820-1830 level, while silver tested local resistance at $21.80.

• Dollar index pulled back from a six-week high around 104.00, while the EURUSD pair managed to defend support at 1.0660.

• Major cryptocurrencies are trading higher, however pulled back from intraday highs. Bitcoin failed to stay above key resistance at $25,000, while Ethereum again pulled back below the $1700 mark.

Silver bounced off the key support zone around $21.35-21.45 on Friday, which is marked with the lower limit of 1: 1 structure and 50% Fibonacci retracement of the last bullish wave. Moreover, a hammer formation has appeared on the D1 interval, which may be a sign that recent downward correction may have come to an end. Source: xstation5