Forex Today: S&P 500 Nears All-Time High

• Markets are making a quiet start to the week, in the absence of any major news items with the exception of Japanese GDP data.
• The U.S. stock market’s S&P 500 Index flirted with making a new all-time high last week, after making an unprecedently rapid recovery since March.
• The Chinese stock market was the biggest regional gainer over Monday’s Asian session.
• The Japanese Yen and the Australian Dollar have weakened since this week’s open.
• The EUR/USD currency pair is threatening to break above the resistance level at 1.1863 and will look bullish if it closes in New York today above 1.1876.
• The U.S. Dollar is in a confirmed long-term downwards trend after making a technical “death cross” last month, so further movement against the Dollar is likely to resume over the coming days.
• Coronavirus global death tolls continue to rise in a steady trend, with deaths in Latin America and the Caribbean at 45% of the global daily total, well exceeding those in both the U.S.A. (18%) and Europe (approx. 5%) which shows that the epicenter of the pandemic is well established in Latin America. Deaths in the U.S.A. have stabilized over the past three weeks.

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• Total confirmed new coronavirus cases stand at over 21.6 million with an average case fatality rate of 3.58%. The number of daily new cases remains close to the all-time high made on 31^st July. Global mortality over recent weeks is lower than it was during the first peak in April.
• The U.S.A. continues to see more new coronavirus deaths than any other country, closely followed by Brazil.
• The rate of new coronavirus infections appears to now be increasing most quickly in the Albania, Argentina, the Bahamas, Bahrain, Bangladesh, Belize, Bolivia, Bulgaria, Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Ethiopia, France, Georgia, Greece, Guatemala, Hungary, India, Indonesia, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Malta, Mexico, Moldova, Morocco, Nepal, Netherlands, North Macedonia, Panama, Peru, Philippines, Poland, Romania, Senegal, Slovakia, Spain, Sweden, Trinidad, Tunisia, Ukraine, the United Kingdom, Uruguay, and Venezuela.