- The two major US equity indices, the S&P 500 and the NASDAQ 100, both traded at record highs yesterday, suggesting that both are likely to continue rising to still higher prices over the coming days. However, the Chinese stock market has continued to fall sharply for a second day after the government announced new rules widely seen as negative for the technology and education sectors.
- The two major cryptocurrencies, Bitcoin and Ethereum, both fell back yesterday after rising firmly over the weekend. Bitcoin’s rise was stronger, and it briefly traded above $40k for the first time in 6 weeks before making a bearish reversal. Cryptocurrencies are broadly lower over the past day.
- In the Forex market, the Japanese yen is the strongest currency today, while the Australian and New Zealand dollars seem to be the weakest. The U.S. Dollar Index remains in a valid long-term bullish trend, but faces strong overhead resistance at 11974.
- Last week saw a fifth consecutive 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, which vaccines are clearly less effective against, at least in terms of preventing infection.
- It is estimated that 27.3% of the world’s population has received at least one vaccination against the novel coronavirus.
- Total confirmed new coronavirus cases worldwide stand at over 195.3 million with an average case fatality rate of 2.14%.
- The rate of new coronavirus infections appears to now be increasing most quickly in Algeria, Burma, Cuba, Finland, France, Georgia, Greece, Guatemala, Honduras, Iceland, Iran, Japan, Kenya, Laos, Malaysia, Mauritius, Philippines, Uzbekistan, Vietnam, and the United States.
Forex Today: US Stocks Rise to New 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.
Global stock markets remain mostly buoyant except for the Chinese market which continues to fall strongly.