Forex Today: WTI Crude Oil Hits 7-Year High

Adam Lemon

The price of crude oil soars as the global energy crunch continues with strong demand.

  • Markets are trending strongly in several key areas, making this an interesting time for traders to be involved.

  • WTI Crude Oil November futures are trading near $81, having made a new 7-year high above $81. The strength of this breakout continues and it is likely prices will rise further over the coming days.

  • In the Forex market, the USD/JPY has continued to advance through today’s Asian session after Friday’s strong showing, reaching as high as 112.72 – a 2.5-year high. This is due mostly to weakness in the Japanese yen, and we are likely to see the price continue to rise over the short term. The EUR/USD currency pair is also in a downwards trend but is not showing bearish momentum right now.

  • Cryptocurrencies are advancing firmly, with Bitcoin close to a new 5-month high as it trades above $56k.

  • Global stock markets are mixed, with north American markets looking flat while Asian markets rose strongly during Monday’s session. The Japanese Nikkei 225 Index is up by 1.52% while the Chinese HSI is up by 2.38%.

  • The US dollar suffered a disappointing non-farm payrolls release last Friday despite an optimistic prediction, leaving the US Dollar Index closing flat on the week. Only 194k new jobs were created in September compared to the anticipated 490k.

  • The Bank of England is continuing to signal a rate hike is close on inflation concern, and this is probably helping to hold up the British pound somewhat.

  • It is a bank holiday today in the USA and in Canada.

  • Last week saw the seventh consecutive weekly fall in global new confirmed coronavirus cases.

  • It is estimated that 46.5% of the world’s population has received at least one dose of a coronavirus vaccination.

  • Total confirmed new coronavirus cases worldwide stand at over 238.6 million with an average case fatality rate of 2.04%.

  • The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Australia, Barbados, Bulgaria, Croatia, Dominican Republic, Egypt, Estonia, Latvia, Lithuania, Moldova, New Zealand, Romania, Russia, Singapore, Slovakia, and the Ukraine.

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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