Forex Today: S&P 500 Index Hits Record High

Adam Lemon

The U.S. stock market rose firmly yesterday to reach a new all-time high.

  1. Global stock markets are mostly higher since the week opened, with the benchmark US S&P 500 Index closing again yesterday at an all-time high above 4385. This suggests that yet higher prices are likely in the index over the coming days.
  2. In the Forex market, there is a lack of any clear direction.
  3. Today will see a release of US CPI (inflation) data. This could have a major impact on the relative value of the USD, if the number deviates significantly from the widely anticipated 0.5%.
  4. Last week saw a third consecutive weekly rise in global new confirmed coronavirus cases, suggesting that the pandemic is advancing again due to the spread of the more highly infectious Delta (Indian) variant.
  5. It is estimated that 25.3% of the world’s population has received at least one vaccination against the novel coronavirus.
  6. Total confirmed new coronavirus cases worldwide stand at over 188 million with an average case fatality rate of 2.16%.
  7. The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Singapore, Iceland, Malta, Bermuda, Bahrain, Denmark, Mongolia, Kuwait, Bhutan, Israel, Chile, Uruguay, and Canada, which have given at least one shot to between 84% and 63% of their respective populations. However, even countries with high vaccination rates are seeing increases in new cases. For most of the world, a vaccine still remains distant. The pace of vaccination in the European Union, which now has immunized 54% of its population, has picked up significantly. In the U.S., 55% of the population has been vaccinated.
  8. The latest data suggests that coronavirus vaccines are only about 65% in effective in preventing infection by the delta (Indian) variant, although still more than 90% effective in preventing serious illness. This may change as more data is analyzed from countries with high rates of vaccination.
  9. The rate of new coronavirus infections appears to now be increasing most quickly in Algeria, Bangladesh, Belarus, Burma, Cambodia, Cuba, Cyprus, Finland, Fiji, Georgia, Greece, Guatemala, Indonesia, Iran, Iraq, Japan, Kazakhstan, South Korea, Laos, Luxembourg, Malaysia, Mexico, Morocco, Netherlands, Portugal, Pakistan, Senegal, Spain, and the United Kingdom.
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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