Forex Today: US Dollar Recovers

Adam Lemon

The previous day has seen some recovery in the US Dollar.

  • The US Dollar has bounced back against most major currencies over the past day, but the moves are nothing unusual. The greenback’s strength is especially pronounced right now against the Euro and the British Pound, making the EUR/USD and GBP/USD currency pair interesting right now to short-term traders.
  • There were public comments from two FOMC members, firstly stating that a US recession is not going to happen (despite the technical definition of shrinking GDP already having been met), secondly warning of entrenched higher inflation expectations.
  • 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 well below $100 per barrel.

  • Yesterday’s release of US JOLTS job data showed a smaller number of new jobs than had been expected, but the undershoot was not especially large.
  • The rate of unemployment in New Zealand unexpectedly rose to 3.3% when a decline had been expected.
  • Taiwan has claimed China has invaded its territorial space with military exercises following US House Speaker Pelosi’s visit to Taiwan yesterday.
  • 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 584.3 million with an average case fatality rate of 1.10%.  
  • The rate of new coronavirus infections appears to now be most significantly increasing in 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

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