- WTI Crude Oil traded yesterday above $69 per barrel, reaching a new 2.5-year high price. Analysts tend to see OPEC positivity on demand prospects and falling U.S. oil stockpiles as helping to push the price up.
- Global stock markets, especially in the U.S. and Europe, continue to look bullish, although none are breaking to new highs.
- The Forex market is relatively quiet ahead of the slew of U.S. jobs data, with generally indecisive price action seen in the major currency pairs. There is a strong bullish trend in the EUR/JPY currency cross, which may well continue today. The U.S. dollar and the euro are the strongest major currencies, while the Japanese yen is the weakest right now.
- Today will bring releases of the ADP U.S. jobs forecast concerning Friday’s non-farm payrolls release, and ISM Service PMI numbers, which could cause volatility / increased directional movement in the U.S. dollar.
- Cryptocurrencies are continuing to rise, seemingly having bottomed out after falling very sharply last week. Key support areas to watch are $30k for Bitcoin and $2k for Ethereum. These cryptos may be worthwhile buys if they bounce at these levels, but if the levels are fully broken, that will be a very bearish sign. If Bitcoin breaks below $30k it could easily reach $20k quickly. Interestingly, Ethereum seems to be holding up better and looking more bullish than Bitcoin.
- Last week saw a fourth 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 172.4 million with an average case fatality rate of 2.15%.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states have been in Israel and Bhutan, which have given at least one shot to 63% of their entire populations, followed by the U.K. and Canada at 58%. For most of the world, a vaccine still remains distant. However, the pace of vaccination in the European Union, which now has immunized 39% of its population, has picked up significantly. In the U.S., 50% of the population has been vaccinated.
- The rate of new coronavirus infections appears to now be increasing most quickly in Afghanistan, Algeria, Argentina, Bahrain, Bhutan, Cambodia, Chile, Dominican Republic, Fiji, Haiti, Indonesia, Kuwait, Malaysia, Mongolia, Oman, Philippines, South Africa, Tunisia, U.A.E., Venezuela, and Vietnam.
Forex Today: WTI Crude Oil Surges to Record High
Adam Lemon
WTI Crude Oil breaks $69 to reach a new multi-year high price.