Forex Today: Crude Oil Hits 6-Week High –

The Forex market opened the week quietly and decisively. It is likely that the US CPI (inflation) release due later today will start some kind of directional price movement.

  • The commodity currencies (especially the CAD, AUD, and NZD) look relatively weak.

  • Bitcoin and most other cryptocurrencies continue to look weak and heavy after their sharp, sudden falls last week. Trading cryptocurrencies short may be a profitable strategy this week.

  • Last week saw the third consecutive weekly fall in global new confirmed coronavirus cases after over 2 months of weekly rises, suggesting the current wave driven by the delta variant may have peaked.

  • It is estimated that 42.1% of the world’s population has had at least one dose of a coronavirus vaccination.

  • Total confirmed new coronavirus cases worldwide stand at over 226.1 million with an average case fatality rate of 2.06%.

  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Australia, Austria, Barbados, Belarus, Bosnia, Cambodia, Costa Rica, Croatia, Egypt, Estonia, Latvia, Lithuania, Moldova, Philippines, Romania, Serbia, Singapore, and Slovenia.

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