Forex Today: US Dollar Decline Continues

Markets are dominated by ongoing weakness in the US Dollar.

  • The US Dollar continues to decline after reaching long-term highs just a few weeks ago. Most major currencies are gaining against it, especially the Japanese Yen, although the Euro is also relatively weak. The Australian Dollar is the weakest major currency right now, and the New Zealand Dollar is also declining against the greenback.
  • The Reserve Bank of Australia earlier today hiked rates by 0.50% to a new rate of 1.85%, a 6-year high. The hike had been widely expected and is the fourth consecutive monthly rise. The RBA is trying to supress inflation, in common with most other central banks. The Australian Dollar fell after the hike as the RBA increased its inflation forecast to a peak of 7.75% expected later this year.

  • BTC/USD continues its slow decline from last week’s high price.
  • 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 JOLTS job data later today, that may provide some clues about whether the technical recession in the US is beginning to seriously affect the job market.
  • 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 583.2 million with an average case fatality rate of 1.10%.  
  • The rate of new coronavirus infections appears to now be most significantly increasing in Costa Rica, Iran, Japan, South Korea, Kosovo, Montenegro, North Macedonia, Romania, and Serbia.  
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

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.