Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Forex Today: EUR/USD, GBP/USD Hit Multi-Year Low Prices on Fed Fears

By 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.

Money flowed from global stock liquidations into the US Dollar yesterday on fears of a more aggressive monetary policy from the Federal Reserve, with the DXY close to a record high.

  1. Yesterday saw a firm and fairly strong advance by the US Dollar again almost every other currency, but technical breakdowns were especially notable in the EUR/USD and GBP/USD currency pairs which both reached new multi-year low prices, with the former trading well below its parity level. The US Dollar Index is just a few points off a multi-year high. There is a long-term bullish trend in the US Dollar which can give Forex trend traders a statistical edge if they follow it, as we are likely to see still lower prices in these currency pairs over the coming days.
  2. Global stock markets have taken a beating over the past day as fearful sentiment grew regarding the Federal Reserve’s monetary policy, although it is worth remembering that the US stock market is in a bear market anyway. The S&P 500 Index and the NASDAQ 100 Index both ended the day down by more than 2%, as did the European DAX. Asian indices also lost ground during the Tokyo session.
  3. In the Forex market, the Euro and the British Pound are the weakest major currencies, while the US Dollar is the strongest.
  4. Natural Gas futures rose strongly yesterday to end the day at a new record high. This can also be an interesting trade for trend traders as many brokers offer it as a CFD.
  5. Manufacturing and Services PMI survey results are expected today for the USA, the UK, Germany, and France.
  6. Daily new coronavirus cases globally dropped last week for the fifth consecutive week.
  7. It is estimated that 67.5% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 7.6% of the global population is confirmed to have contracted the virus at some time, although the true number is highly likely to be much larger.  
  8. Total confirmed new coronavirus cases worldwide stand at over 601.8 million with an average case fatality rate of 1.08%.  
  9. The rate of new coronavirus infections appears to now be most significantly increasing in South Korea, The Marshall Islands, Moldova, and Tonga.  
Adam Lemon
About 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.

 

Most Visited Forex Broker Reviews