Forex Today: Asian Stocks Hit Record Highs

Adam Lemon

Risk assets are rising again against the U.S. dollar.

  • Stock markets globally have mostly seen rises over the past day, although U.S. markets have been relatively flat. Both the Chinese Hang Seng Index and the Japanese Nikkei 225 Index have reached new record high prices.
  • The U.S. dollar is in retreat again, in line with the long-term bullish trends of most other currencies against the U.S. dollar. The Japanese yen and British pound look like the strongest major currencies today.
  • Bitcoin has continued to consolidate above $32,000. As long as it remains below $36,674 it is unlikely to better the recent all-time high at $42,000 any time soon.
  • WTI crude oil has continued to rise, reaching its highest price in almost one year.
  • The U.S. House of Representatives has begun proceedings intended to impeach the president, which will likely pass there but seem unlikely to garner the required two-thirds majority in the Senate. As the president will be leaving office in seven days, and the moves have either very little chance of success or cannot be completed within this period, it is clear this is political theatre that will have no real impact on the market.
  • Real-world data on the effectiveness of the new coronavirus vaccine has begun to be reported. A study in Israel has shown that the Pfizer vaccine is 50% effective in reducing infection from 14 days after the first shot. Clinical trials in Brazil have shown the Chinese-made Sinovac is only 50% effective after a full course.
  • Yesterday saw the highest global coronavirus daily death toll yet recorded, at 15,732. 
  • Global coronavirus deaths have increased dramatically since early October to reach a level approximately 91% higher than the peak last April.
  • Total confirmed new coronavirus cases worldwide stand at over 92 million with an average case fatality rate of 2.14%.
  • The fastest progression in terms of immunizing a population against the coronavirus has been in Israel, which has already administered a first shot of the Pfizer vaccine to 22% of its entire population (including 75% of the over-60s) and began administering second doses over the weekend. The U.A.E. ranks second, having now vaccinated 13% of its population. For most of the world, a vaccine seems distant: only 10 countries have vaccinated more than 1% of their population.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Bahrain, Belarus, Bolivia, Bosnia, Chile, Colombia, Cuba, Dominican Republic, France, Honduras, Hungary, Indonesia, Ireland, Israel, Italy, Japan, Kosovo, Kuwait, Lebanon, Malaysia, Malta, Mexico, Nigeria, Pakistan, Paraguay, Peru, Philippines, Portugal, Senegal, South Africa, Spain, Thailand, Tunisia, the U.S.A., the U.A.E., Uruguay, and Venezuela.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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