- Global stock market indices remain mixed, with the NASDAQ 100 tech index bouncing back strongly yesterday following recent declines, rising by more than 4% in value. Institutional players are seen as likely to remain selling U.S. Treasuries and the Japanese yen.
- WTI Crude Oil has been falling steadily since its recent peak at $67.50, due to the strong greenback and expanding crude oil inventories in the U.S.
- In the Forex market, the Japanese yen and the euro are the weakest currencies, while the U.S. dollar clearly has the greatest long-term strength. The dollar looks to be the strongest today on current price action.
- The odds remain in favor that the coming days will see continuing advances by the USD against the JPY and the EUR.
- Bitcoin bulls have finally succeeded in pushing the price above the former key resistance level at $51,837. Short-term price action looks bullish and we may see a new all-time high in Bitcoin today or later this week.
- Today will see releases of U.S. inflation (CPI) data and the Bank of Canada’s monthly rate statement.
- Global coronavirus deaths have fallen sharply over the past five weeks to reach a level 35% lower than the peak. However, new confirmed cases rose very slightly last week after declining for several weeks.
- Total confirmed new coronavirus cases worldwide stand at over 118.1 million with an average case fatality rate of 2.22%.
- Brazil is suffering from a strong wave of infections, and is currently accounting for almost one-third of the entire known global coronavirus death toll.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Israel, which has already administered a first shot of the Pfizer vaccine to 54% of its entire population and a second dose to 42% (which includes more than 88% of over-50s who have either received a shot or recovered from coronavirus). The U.A.E. ranks second, with 22% of its population fully vaccinated. For most of the world, a vaccine remains distant. Progress remains slow in the hard-hit European Union with not a single member state having yet fully vaccinated even 4% of its population. Denmark and Austria have begun exploring ways of boosting their vaccine provision outside E.U. structures.
- The rate of new coronavirus infections appears to now be increasing most quickly in Austria, Bosnia, Brazil, Bulgaria, Cambodia, Chile, Cuba, Cyprus, Czech Republic, Estonia, Ethiopia, Finland, Germany, Greece, Hungary, Iran, Iraq, Italy, Jamaica, Jordan, Kenya, Kuwait, Lebanon, Mongolia, Montenegro, North Macedonia, Norway, Oman, Pakistan, Paraguay, Philippines, Poland, Romania, Serbia, Sweden, Ukraine, and Uruguay.
Forex Today: U.S. Dollar & NASDAQ 100 Bounce Back
Adam Lemon
Bullish USD sentiment persists driven by rising long-term Treasury yields.