- Stock markets have risen again, with the S&P 500, Japanese Nikkei 225, and South Korean KOSPI stock indices closing yesterday at all-time record highs.
- The U.S. Dollar Index again hit a new 2.5-year low yesterday, and the currency is again falling against almost all counterparties. The euro and some of the commodity currencies (the AUD, NZD, and CAD) are especially strong.
- The EUR/USD, AUD/USD, and NZD/USD currency pairs are rising again in line with their long-term trends and hitting new 2-year high prices. The EUR/USD currency pair followed through on its strong bullish breakout yesterday beyond the major round number and long-term resistance at 1.2000, which is a technically significant development, rising beyond 1.2100. It is likely that the EUR/USD currency pair will rise higher still, giving a good opportunity to Forex traders.
- Bitcoin failed to make another all-time high yesterday just below $20,000, selling off from lower resistance at $19,314, suggesting a major breakout beyond $20,000 is looking more unlikely to happen over the short term.
- The U.K. has become the first nation after Russia to give formal approval to a coronavirus vaccine, and the first innoculations are scheduled to begin next week for health care workers.
- There is increasing evidence that new coronavirus cases may have made a medium-term global peak, with the daily record high set on November 13th continuing to hold and new numbers continuing a weak downwards trend.
- Yesterday a record high number of 12,376 coronavirus deaths were reported globally.
- Global coronavirus deaths have increased dramatically since early October to reach a level approximately 50% higher than the peak last April. Coronavirus deaths in the European Union are still increasing and are considerably higher (accounting for almost half of the global total) than deaths in the U.S.A., which have begun to fall. New cases are falling in both the E.U. and in the U.S.A.
- Total confirmed new coronavirus cases stand at over 64.5 million with an average case fatality rate of 2.31%.
- The rate of new coronavirus infections appears to now be increasing most quickly in Azerbaijan, Belarus, Brazil, Burkina Faso, Canada, Cuba, Denmark, Ecuador, Finland, Georgia, Hungary, Indonesia, Iran, Japan, Kazakhstan, South Korea, Mexico, Niger, Panama, Paraguay, Russia, Serbia, Sri Lanka, Sudan, Turkey, and Uruguay.
Forex Today: Stock Markets Make Record Highs Again
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.
The U.S. dollar continues to weaken and hit record lows against several assets.