Forex Today: US Stocks Dip Then Rebound

Adam Lemon

US stocks dropped sharply but rebounded later in the session to recoup losses.

  • US stock markets fell quite strongly yesterday, but then rebounded to claw back losses by the end of the day. The NASDAQ 100 technology index saw its strongest positive move in almost 2 years. Asian stock markets have been mixed over their latest session.
  • Bitcoin briefly traded below $40k yesterday for the first time in several months, but has since rebounded firmly. There are signs that the cryptocurrency is finding serious support at this level, so there may be a long-term buying opportunity here now.
  • In early trading in this week’s Forex market, the Australian Dollar is strong while US Dollar is weak. The greenback’s weakness looks solid but medium-term strength in the Forex market seems unclear.
  • It is likely to be a quiet day in the Forex market as there are no major data releases scheduled today.
  • Markets will begin looking ahead to Wednesday’s US CPI (inflation) data release.
  • Daily new coronavirus cases soared to new all-time records last week, with more than 2.5 million new cases recorded globally yesterday for the first time ever. Almost one third of these confirmed cases are in the USA.
  • Data suggests that the globally rampant omicron coronavirus variant, while considerably more infectious, has notably milder effects than previous coronavirus strains, with an estimated 70% reduction in the probability of hospitalization. This is potentially very good news for both health and economy. Pfizer have announced they plan to have an omicron-specific vaccine ready in March.
  • It is estimated that 59.1% of the world’s population has received at least one dose of a coronavirus vaccination.
  • Total confirmed new coronavirus cases worldwide stand at over 311.1 million with an average case fatality rate of 1.77%.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Algeria, Argentina, Australia, Austria, Bahamas, Bahrain, Barbados, Belgium, Belize, Brazil, Bulgaria, Burkina Faso, Chile, Colombia, Costa Rica, Croatia, Cyprus, Dominican Republic, Ecuador, Estonia, Fiji, France, Georgia, Germany, Guatemala, Haiti, Iceland, India, Israel, Italy, Jamaica, Kuwait, Latvia, Lebanon, Lithuania, Luxembourg, Mali, Mexico, Montenegro, Morocco, Netherlands, Niger, North Macedonia, Panama, Philippines, Qatar, Saudi Arabia, Senegal, Slovenia, Tunisia, Turkey, the UAE, Uruguay, and the USA.
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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