- Yesterday saw the benchmark broad U.S. stock market index, the S&P 500, again close at an all-time high. The index is likely to rise further over coming days. The technology index the NASDQ 100 did the same. Global stock markets are notably less bullish.
- In the Forex market, the USD is clearly the strongest major currency, while the British pound, euro, and Australian and New Zealand dollars look to be the weakest. Precious metals are also weak, especially gold, which fell to reach a new 2-month low price yesterday at $1,750. Gold looks likely to end today with its worst monthly performance since 2016.
- FOMC Waller stated that there will not be a 2022 rate hike in the U.S. unless unemployment drops substantially or inflation remained high.
- Today will bring releases of Canadian GDP data and the ADP U.S. non-farm payrolls forecast.
- Last week saw the first weekly rise in global new confirmed coronavirus cases, suggesting that the pandemic is advancing again due to the spread of the more highly infectious Delta (Indian) variant. There is increasing concern over this in some countries, notably Australia, which has begun a partial lockdown as local transmission seems to be beginning.
- It is estimated that 23.2% of the world’s population has received at least one vaccination against the novel coronavirus.
- Total confirmed new coronavirus cases worldwide stand at over 182.5 million with an average case fatality rate of 2.17%.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Iceland, Bermuda, Kuwait, Bhutan, Israel, Chile, Uruguay, and Canada, which have given at least one shot to between 76% and 63% of their respective populations. For most of the world, a vaccine still remains distant. However, the pace of vaccination in the European Union, which now has immunized 50% of its population, has picked up significantly. In the U.S., 54% of the population has been vaccinated.
- The rate of new coronavirus infections appears to now be increasing most quickly in Algeria, Bangladesh, Burma, Cambodia, Colombia, Cuba, Cyprus, Ecuador, Fiji, Indonesia, Iraq, South Korea, Kuwait (despite its high level of vaccination), Kyrgyzstan, Mexico, Panama, Russia, Senegal, South Africa, Tunisia, Uzbekistan, and the United Kingdom (despite its high level of vaccination).
Forex Today: S&P 500, NASDAQ Again Advance to Record Highs
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 broader U.S. stock market, especially tech, continues to advance to record highs.