- Major cryptocurrencies are showing more bullish short-term price action, especially Bitcoin, which bounced firmly after briefly trading at a 2-week low near the pivotal $30k zone. However, should the rise fail, If Bitcoin breaks below $30k it could easily reach $20k or even $10k very quickly.
- WTI Crude Oil advanced again to make a new high yesterday above $70 before falling firmly.
- Global stock markets, especially in the U.S. and Europe, continue to look mostly bullish, but are not advancing to new highs.
- The Forex market is relatively quiet, with generally indecisive price action seen in the major currency pairs. This is likely to change when U.S. CPI (inflation) data and the ECB’s monthly policy input are released today.
- Yesterday saw a total “placeholder” monthly policy release from the Bank of Canada. It had very little effect on the USD/CAD currency pair or other CAD crosses.
- Last week saw a fifth consecutive weekly fall in global new confirmed coronavirus cases and deaths, suggesting that the current wave of the pandemic is starting to retreat. The effects of the vaccination programs in the most developed economies are now being felt.
- Total confirmed new coronavirus cases worldwide stand at over 175.1 million with an average case fatality rate of 2.16%.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states have been in Israel, Canada, and Bhutan, which have given at least one shot to 63% of their entire populations, followed by the U.K. at 60%. For most of the world, a vaccine still remains distant. However, the pace of vaccination in the European Union, which now has immunized 42% of its population, has picked up significantly. In the U.S., 51% of the population has been vaccinated.
- The rate of new coronavirus infections appears to now be increasing most quickly in Afghanistan, Algeria, Bangladesh, Cambodia, Chile, Fiji, Guatemala, Haiti, Kuwait, Mongolia, Oman, South Africa, Sri Lanka, Sweden, Tunisia and the U.A.E.
Forex Today: Bitcoin Recovers from $30k Zone
Adam Lemon
Quiet markets ahead of ECB and US inflation releases due today.