Yesterday was a relatively slow day in the Forex market, with the US dollar regaining some ground over the day. Over the short term, the strongest currency seems to be the USD while the weakest is the JPY. However, the greatest medium-term strength is in the New Zealand dollar. We may see most movement in the USD/CAD currency pair during today’s New York session.
Australian quarterly GDP came in higher than expected, at an increase of 0.7% above the anticipated 0.5%, although the AUD was affected little by the news.
Canadian GDP data came in as expected, at a month-on-month increase of 0.7%.
Today will bring releases of the ADP non-farm payrolls data forecast, US ISM Manufacturing data, and OPEC meetings.
Last week saw the first global weekly fall in global new confirmed coronavirus cases in over 2 months.
It is estimated that 39.5% of the world’s population has had at least one dose of a coronavirus vaccination.
Total confirmed new coronavirus cases worldwide stand at over 218.5 million with an average case fatality rate of 2.07%.
The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Armenia, Australia, Azerbaijan, Barbados, Belarus, Bosnia, Bulgaria, Canada, Costa Rica, Estonia, Ethiopia, Germany, Israel, Japan, Kosovo, Malaysia, Mongolia, Montenegro, New Zealand, Norway, Philippines, Serbia, Slovenia, Sri Lanka, Switzerland, the U.S., the U.K. and Vietnam.