Forex Today: Stocks, Bitcoin Hit All-Time Highs

Adam Lemon

Global stock market indices and Bitcoin make new record prices.

  • The global stock market rally continued yesterday but faded a little over the recent Asian session. The S&P 500 and NASDAQ 100 indices in North America hit new all-time high prices, while the Nikkei 225 Index was up slightly. Historical precedent suggests that these markets are likely to continue to rise over the coming days.
  • Bitcoin peaked yesterday above $48,000 and shows signs of being a good buy at a new support zone located around $45,000.
  • In the Forex market, the U.S. dollar has continued to weaken, with even other safe haven assets such as the Japanese yen gaining against it. This is a change of the market’s dominant theme. Precious metals, the British pound, and the Australian dollar look to be the strongest currencies today.
  • WTI Crude Oil continues to advance to threaten a new long-term high above $58.50. It is near a 1-year high.
  • There will be a release of U.S. CPI (inflation) data today.
  • The U.S. Senate yesterday voted 56-44 to proceed with an impeachment trial of President Trump, with a vote on conviction likely as early as next Monday. It seems very unlikely that President Trump will be convicted by the necessary two-thirds vote of Senators as well over one third voted to not proceed with the trial.
  • Global coronavirus deaths have increased dramatically since early October to reach a level 107% higher than the peak last April about three weeks ago.
  • Total confirmed new coronavirus cases worldwide stand at over 107.4 million with an average case fatality rate of 2.19%. The numbers of confirmed new cases and deaths globally have been falling over the past two weeks, so there are signs the current heavy global wave may have peaked.
  • 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 39% of its entire population and a second dose to 24% (which includes approximately 80% of over-60s). The U.A.E. ranks second, having now given 45 vaccines per 100 of its population. For most of the world, a vaccine remains distant: only 25 countries have vaccinated more than 5% of their population so far. Progress remains slow in the hard-hit European Union.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Bahrain, Bulgaria, Ethiopia, Finland, France, Hungary, Iran, Iraq, Jordan, Kuwait, Mexico, Mongolia, Montenegro, Qatar, Senegal, Serbia, and Thailand.
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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