Forex Today: U.S. Stocks Touch All-Time High

Adam Lemon

Capital is flowing into U.S. assets.

  • The major U.S. stock market index S&P 500 closed Friday at a new all-time high price just below 4250. This suggests we will be likely to see still higher prices this week, especially once we see a daily (New York) close above the big round number at 4250. Global markets are generally looking bullish too.
  • Bitcoin rose strongly Friday and is now showing more bullish short-term price action, after briefly trading some days ago at a 2-week low near the pivotal $30k zone. It is notable that after some time during which Ethereum led, Bitcoin’s price action is now looking more bullish than Ethereum’s.
  • WTI Crude Oil advanced again to make a new high Friday above $71. This strong rise to new 2.5-year high prices is indicative of relatively strong global demand and economic growth.
  • The Forex market is seeing the U.S. dollar as the strongest major currency right now, with the Japanese yen probably the weakest.
  • There will be a release later of the latest monetary policy meeting minutes by the Reserve Bank of Australia.
  • Last week saw a sixth 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.
  • It is estimated that 6.2% of the world’s population has been fully inoculated against the novel coronavirus.
  • Total confirmed new coronavirus cases worldwide stand at over 176.7 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 Canada and Bermuda, which have given at least one shot to 64% of their entire populations, followed by Israel, Iceland, and Bhutan at 63%. For most of the world, a vaccine still remains distant. However, the pace of vaccination in the European Union, which now has immunized 44% of its population, has picked up significantly. In the U.S., 52% of the population has been vaccinated.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Afghanistan, Algeria, Bangladesh, Cuba, Fiji, Guatemala, Indonesia, Kuwait, Mongolia, Oman, Panama, Russia, South Africa, and Tunisia.
  • Although the U.K. has one of the world’s highest proportion of vaccinated people, it is seeing a sharp rise in the number of new coronavirus cases. The U.K. government has delayed plans to reduce virus restrictions by one month. It is believed the Delta (Indian) variant accounts for the vast majority of new cases in the U.K. now.
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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