- Stock markets have risen firmly again, with the S&P 500, Japanese Nikkei 225, and South Korean KOSPI stock indices closing at all-time record highs.
- The U.S. Dollar Index hit a new 2.5-year low yesterday, and the currency is again falling against almost all counterparties. The euro and some of the commodity currencies (the NZD and CAD) are especially strong.
- The EUR/USD and NZD/USD currency pairs are rising again in line with their long-term trends and hitting new 2-year high prices. The EUR/USD currency pair made a strong bullish breakout beyond the major round number and long-term resistance at 1.2000, which is a technically significant development. There is a strong chance the EUR/USD currency pair will rise higher still, giving a good opportunity to Forex traders.
- Bitcoin also made another all-time high yesterday just below $20,000 but sold off immediately, suggesting a major breakout beyond $20,000 is looking unlikely over the short term.
- Yesterday’s U.S. ISM Manufacturing PMI data came in slightly below expectations.
- Australian GDP came in considerably higher than expected with a quarterly growth rate of 3.3% against an anticipated 2.5%. This data release had little impact upon the exchange rates of the Australian dollar.
- There is increasing evidence that new coronavirus cases may have made a medium-term global peak, with the daily record high set on November 13th continuing to hold and new numbers continuing to decline.
- Last Wednesday, a record high number of 12,243 coronavirus deaths were reported globally.
- Global coronavirus deaths have increased dramatically since early October by approximately 50%. Coronavirus deaths in the European Union are still increasing and are considerably higher than deaths in the U.S.A. which have begun to fall. New cases are falling in both the E.U. and in the U.S.A.
- Total confirmed new coronavirus cases stand at over 63.8 million with an average case fatality rate of 2.32%.
- The rate of new coronavirus infections appears to now be increasing most quickly in Azerbaijan, Belarus, Belize, Canada, Colombia, Croatia, Denmark, Dominican Republic, Ecuador, Estonia, Finland, Georgia, Hungary, Indonesia, Iran, Japan, South Korea, Lithuania, Russia, Serbia, South Africa, Sri Lanka, Sudan, Turkey, Ukraine, and Uruguay.
Forex Today: Bitcoin, Stocks Hit Record Highs
Adam Lemon
The U.S. dollar continues to weaken and hit record lows against several assets.