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- U.S. Treasury Secretary Janet Yellen testified before Congress yesterday and amplified the Fed's case that the current high U.S. inflation rate is transitory and will revert to a more normal level in 2022. U.S. stock markets are holding up very close to record highs so the reassurance seems to be working, assuming that expectations of persistent inflation would dampen stock valuations.
- Major cryptocurrencies such as Bitcoin and Ethereum have begun to fall again, bringing the prospect of major bearish breakdowns back into focus.
- In the Forex market, the USD has the greatest long-term strength of any major currency right now, while cryptocurrencies and gold seem to be the weakest CFD assets. The USD/JPY currency pair hit a 1-year high price yesterday and is likely to reach higher prices over the coming days.
- WTI Crude Oil hit a 2.5-year high price yesterday above $74.
- Today will bring the Bank of England's monthly policy release, which may have a major impact upon the relative value of the British pound.
- Yesterday saw German & French manufacturing & services data come in better than expected; however, the same US data was mixed.
- Last week saw a seventh consecutive weekly fall in global new confirmed coronavirus cases and deaths, suggesting that the current wave of the pandemic is starting to retreat. The effects of the vaccination programs in the most developed economies are now being felt.
- It is estimated that 22.2% of the world's population has received at least one vaccination against the novel coronavirus.
- Total confirmed new coronavirus cases worldwide stand at over 180.3 million with an average case fatality rate of 2.17%.
- The fastest progression in terms of immunizing a population against the coronavirus in all but the smallest states has been in Iceland, Bermuda, Kuwait, Bhutan, Israel, Chile, Uruguay, and Canada, which have given at least one shot to between 70% and 63% of their respective populations. For most of the world, a vaccine still remains distant. However the pace of vaccination in the European Union, which now has immunized 48% of its population, has picked up significantly. In the U.S., 53% of the population has been vaccinated.
- The rate of new coronavirus infections appears to now be increasing most quickly in Afghanistan, Bangladesh, Brazil (which yesterday registered a record-high number of new cases), Burma, Cambodia, Cuba, Fiji, Indonesia, Iraq, Kenya, Kyrgyzstan, Oman, Panama, Russia, South Africa, Uzbekistan, and the United Kingdom (despite its high level of vaccination).
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