The euro was boosted in yesterday’s Forex market as U.S. Treasury yields continued to fall.
- Major U.S. and E.U. equity indices reached new record highs yesterday but volatility was very low and price action indecisive, meaning the new highs are not indicative of a likely move higher over the short-term. Asian markets are also mostly unchanged.
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Heavy swings in the dollar make highly profitable trades
- After a period of protracted strength, the U.S. dollar fell yesterday against the euro and the Australian dollar. At present, the euro is the strongest major currency while the Canadian dollar is the weakest. Forex markets are confused and unpredictable apart from this short-term momentum, which may wear off soon.
- U.S. Treasury yields fell again yesterday, indicating an increase in risk appetite.
- The U.S. Federal Reserve will release the minutes later today of its most recent policy meeting, which may affect the U.S. dollar and other assets also.
- New coronavirus cases are rising globally for the sixth consecutive week, and deaths also increased last week for the third week running after falling for months, signifying a rebound in the pandemic in areas where vaccinations are relatively absent. The increase is especially pronounced in Latin America (accounting for 42% of deaths) and Europe (accounting for 35% of deaths). The situation is particularly bad in Brazil, which has suffered more than 66K deaths in March alone.
- Total confirmed new coronavirus cases worldwide stand at over 133 million with an average case fatality rate of 2.17%.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Israel, which has given at least one shot to 61% of its entire population followed by the U.K. at 47%. For most of the world, a vaccine remains distant. Progress remains slow in the hard-hit European Union with only one member state (Hungary) having yet immunized more than 20%.
- The rate of new coronavirus infections appears to now be increasing most quickly in Andorra, Argentina, Armenia, Azerbaijan, Bahrain, Bangladesh, Canada, Chile, Croatia, Cuba, Cyprus, Egypt, Ethiopia, Greece, India, Iran, Iraq, Japan, Kazakhstan, South Korea, Lithuania, Mali, Mongolia, North Macedonia, Oman, Philippines, Qatar, Serbia, Slovenia, Tunisia, Turkey, Ukraine, Uruguay, the U.A.E. and Uzbekistan.
18 minutes ago
Ibeth Rivero
Mahmoud Abdallah
Christopher Lewis
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