Forex Today: Dow Jones Hits All-Time High at 32381

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on March 11, 2021

Risk-on sentiment causes riskier currencies to rally against the yen and USD.

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  • Global stock market indices are mostly higher, after U.S. indices rallied yesterday and the “old economy” Dow Jones 30 Index hit a new all-time high. The Dow is likely to continue rising higher over the coming days.
  • In the Forex market, the Japanese yen and the euro are the weakest currencies, while the Australian dollar looks strong today.
  • Bitcoin bulls have failed to push the price above the all-time high price at $51,837. Short-term price action looks bearish and suggests a pullback is now likely to happen.
  • Today will see the release of the European Central Bank’s monthly rate statement, which will probably impact the relative value of the euro.
  • Yesterday’s release of U.S. CPI (inflation) data contained no surprise, coming in as expected at a monthly increase of 0.4%. Annualized inflation is now increasing in the U.S. at 1.7% and more analysts are expecting inflation to become a problem in the foreseeable future.
  • Yesterday’s rate statement from the Bank of Canada maintained the interest rate at 0.25% and contained no surprises either.
  • Global coronavirus deaths have fallen sharply over the past five weeks to reach a level 35% lower than the peak. However, new confirmed cases rose very slightly last week after declining for several weeks.
  • Total confirmed new coronavirus cases worldwide stand at over 118.6 million with an average case fatality rate of 2.22%.
  •  Brazil is suffering from a strong wave of infections, and is currently accounting for more than a quarter of the entire known global coronavirus daily death toll.
  • The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Israel, which has already administered a first shot of the Pfizer vaccine to 55% of its entire population and a second dose to 43% (which includes more than 88% of over-50s who have either received a shot or recovered from coronavirus). The U.A.E. ranks second, with 64 shots given per 100 people. For most of the world, a vaccine remains distant. Progress remains slow in the hard-hit European Union with not a single member state having yet fully vaccinated even 4% of its population. Denmark and Austria have begun exploring ways of boosting their vaccine provision outside E.U. structures.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Austria, Bosnia, Brazil, Bulgaria, Cambodia, Chile, Cuba, Cyprus, Ethiopia, Finland, Germany, Greece, Hungary, Iran, Iraq, Italy, Jamaica, Jordan, Kenya, Kosovo, Kuwait, Lebanon, Mongolia, Montenegro, North Macedonia, Norway, Oman, Pakistan, Paraguay, Philippines, Poland, Romania, Serbia, Ukraine, and Uruguay.

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