- The USD is firm and mostly gaining, and seems to be moving more decisively back in the direction of a bullish long-term trend.
- The Canadian dollar is the strongest major currency, while the Japanese yen appears to be the weakest.
- Stock markets are mostly lower, with the NASDAQ technology index down quite strongly yesterday.
- New Zealand employment data came in stronger than expected, with the unemployment rate falling to 4.7%, below the consensus estimate of 4.9%.
- Crude Oil is strong, with WTI trading above $66, not far from the 2-year high just below $68.
- Dogecoin continues to advance strongly to new record highs above 68 cents per coin after making a strong bullish breakout beyond 45 cents. Ethereum is consolidating above key technical support at $3,202.50.
- We will get the ADP non-farm employment change forecast later today on new U.S. jobs created.
- The coronavirus situation is especially bad in India, which a few days ago became the first country to register more than 400,000 new cases in a day. India has also just seen its highest number of daily coronavirus deaths yet at almost 4,000. The situation putting a severe strain on the Indian health care system due to a shortage of oxygen. Many analysts believe the death toll in India is significantly underestimated.
- Global coronavirus deaths increased last week for the seventh week running after falling for months, signifying a rebound in the pandemic in areas where vaccinations are relatively absent. Daily deaths are approaching the peak made last January.
- Total confirmed new coronavirus cases worldwide stand at over 155 million with an average case fatality rate of 2.09%.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Israel, which has given at least one shot to 62% of its entire population followed by the U.A.E. and the U.K. at 51%. For most of the world, a vaccine remains distant. However, the pace of vaccination has finally begun to significantly speed up in the European Union, which now has immunized 25% of its population.
- The rate of new coronavirus infections appears to now be increasing most quickly in Afghanistan, Algeria, Bahrain, Egypt, Georgia, Japan, Kuwait, Latvia, Lithuania, Malaysia, Nepal, Saudi Arabia, Sri Lanka, Trinidad, and Uzbekistan.
Forex Today: Tech Down, Greenback & Loonie Strong
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 USD and CAD are the strongest major currencies.