The major U.S. stock market index, the S&P 500, reached a new all-time high yesterday at 4572. It is likely to continue advancing over the coming days.
WTI Crude Oil spot broke $85 yesterday to reach a new 7-year high price, although it sold off somewhat later in the day. However, 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, with the next key resistance level sitting at $85.66.
The Turkish lira is continuing to fall, reaching a record low above 9.8 to the USD. There is strong bearish momentum in the lira and it is likely to see lower prices still over the coming days.
The Forex market is quiet and somewhat mixed, with the Australian dollar looking relatively strong and the euro 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 244.8 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, Bahamas, Barbados, Belgium, Bulgaria, Chile, Croatia, the Czech Republic, Denmark, the Dominican Republic, Egypt, Estonia, Georgia, Germany, Greece, Latvia, Lithuania, Moldova, Montenegro, Netherlands, New Zealand, Norway, Romania, Russia, Serbia, Singapore, Slovakia, Slovenia, the United Kingdom, and the Ukraine.
Forex Today: US Stocks Hit 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 on positive earnings sentiment.