Monday, 18 October 2021 11:29 GMT

Forex Today: WTI Crude Oil Closes Above $80


(MENAFN- Daily Forex)

  • Markets are trending strongly in several key areas, making this an interesting time for traders to be involved.

  • WTI Crude Oil November futures are trading above $80 , having made a new 7-year high at $82 yesterday. This has been a strong breakout and it is quite likely prices will rise further over the coming days , although yesterday's“blow off” action suggests we may have seen at least a temporary peak in the price.

  • In the Forex market, the USD/JPY rose very strongly yesterday, reaching as high at 113.48 – another new 2.5-year high. This is due mostly to weakness in the Japanese yen, and we are likely to see the price continue to rise over the short term. The EUR/USD currency pair is also in a downwards trend and is beginning to show short-term bearish momentum – a break to new lows should be interesting there.

  • Bitcoin made a new 5-month high yesterday as it traded close to $57k.

  • Global stock markets are mostly lower, with north American markets falling yesterday while most Asian markets fell during Tuesday's session. The Japanese Nikkei 225 Index is down by 0.92% while the Chinese HSI is down by 1.02%.

  • Last week saw the seventh consecutive weekly fall in global new confirmed coronavirus cases.

  • It is estimated that 47.5% of the world's population has received at least one dose of a coronavirus vaccination.

  • Total confirmed new coronavirus cases worldwide stand at over 239 million with an average case fatality rate of 2.04%.

  • The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Australia , Barbados, Bulgaria, Croatia, Dominican Republic, Egypt, Estonia, Latvia, Lithuania, Moldova, New Zealand, Romania, Russia, Singapore , Slovakia, and the Ukraine.

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