Forex Today: Crude Oil Hits 6-Week High

Adam Lemon

Markets had a quiet day and await the release of US CPI data hoping to find direction.

  • WTI Crude Oil rose to trade at a 6-week high as markets become more concerned about US supply chain issues.

  • The Forex market opened the week quietly and decisively. It is likely that the US CPI (inflation) release due later today will start some kind of directional price movement.

  • The commodity currencies (especially the CAD, AUD, and NZD) look relatively weak.

  • Bitcoin and most other cryptocurrencies continue to look weak and heavy after their sharp, sudden falls last week. Trading cryptocurrencies short may be a profitable strategy this week.

  • Last week saw the third consecutive weekly fall in global new confirmed coronavirus cases after over 2 months of weekly rises, suggesting the current wave driven by the delta variant may have peaked.

  • It is estimated that 42.1% of the world’s population has had at least one dose of a coronavirus vaccination.

  • Total confirmed new coronavirus cases worldwide stand at over 226.1 million with an average case fatality rate of 2.06%.

  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Australia, Austria, Barbados, Belarus, Bosnia, Cambodia, Costa Rica, Croatia, Egypt, Estonia, Latvia, Lithuania, Moldova, Philippines, Romania, Serbia, Singapore, and Slovenia.

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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