The major U.S. stock market index, the S&P 500, reached a new all-time high yesterday at 4599 but then dropped to close down. We are still likely to see the market continue advancing over the coming days.
WTI Crude Oil spot held above $83 yesterday on low supplies data. As there is a strong long-term bullish trend, so it is still likely that we will see prices continue to rise again after the retracement plays out,.
Australian CPI (inflation) data was released which showed inflation is increasing at an annualized rate of 3%, as had been widely expected. This had little effect on the AUD.
The Bank of Canada will make its monthly policy release today, so there may be volatility in the Canadian dollar later following the release.
The Forex market is quiet and somewhat mixed, with the Australian dollar looking relatively strong and the euro and British pound looking relatively weak. As the USD is not involved, this suggests currency crosses could be interesting to trade today.
Last week saw the first global weekly rise in new confirmed coronavirus cases in two months.
It is estimated that 48.7% of the world’s population has received at least one dose of a coronavirus vaccination.
Total confirmed new coronavirus cases worldwide stand at over 245.2 million with an average case fatality rate of 2.03%.
The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Austria, Azerbaijan, Barbados, Belarus, Belgium, Bulgaria, Chile, Croatia, the Czech Republic, Denmark, the Dominican Republic, Egypt, Estonia, Georgia, Germany, Greece, Hungary, Iceland, Latvia, Lithuania, Moldova, Montenegro, Netherlands, New Zealand, Norway, Romania, Russia, Serbia, Singapore, Slovakia, Slovenia, and the Ukraine.
Forex Today: Global Stocks Dip After US Reaches Record High
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 US stock market hit another all-time high yesterday before closing lower.