Forex Today: Japanese Yen Continues to Gain

The Japanese Yen opens the week as the strongest major currency in the Forex market.

  • The Japanese Yen continues to be the strongest major currency in the Forex market, with the USD/JPY currency pair falling by almost 350 pips since the start of last week. The US Dollar is the weakest major currency.

  • US stock markets rose last week despite the emergence of data showing that US GDP had contracted for two consecutive quarters, the traditional technical measure of a recession. However, remarks by Fed member Kashkari a few hours ago stating that the Fed continues to be surprised by high inflation prints, and that the US remains a long way from its target of 2% inflation, have sent the S&P 500 Index trading lower during the Asian session.
  • The price of WTI Crude Oil remains in a slow downtrend, with the price trading below $100 per barrel
  • There will be a release of US ISM Manufacturing PMI data later today.
  • Daily new coronavirus cases globally dropped last week for the second consecutive week, reversing the short-term trend of an increasing number of confirmed cases.
  • It is estimated that 67% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 7.4% 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.  
  • Total confirmed new coronavirus cases worldwide stand at over 582.3 million with an average case fatality rate of 1.10%.  
  • The rate of new coronavirus infections appears to now be most significantly increasing in Barbados, Bolivia, Iran, Japan, Kosovo, Mauritius, Montenegro, North Macedonia, Romania, Serbia, and Venezuela.  
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.