Forex Today: Stocks, Crude Oil Hit New Highs

Risk-on sentiment continues to advance within global markets.

President Trump is presenting a fresh legal challenge alleging massive voter fraud in Georgia, but has allowed formal work to begin on a transition of power to Joe Biden on January 20, 2021. Legal experts see no chance of the President’s legal cases making progress so a Biden Presidency is assumed, with President Xi of China formally congratulating him on his election victory.

Stock markets were mostly higher over the Asian session after the S&P 500 Index closed down very slightly, with the Japanese Nikkei 225 Index up by more than 0.91% to reach a new all-time high price. Record high closes usually mean that stock markets are likely to continue to rise.

WTI Crude Oil is facing increasing demand and rose strongly again Friday, trading at a new 8-month high price well above $45.

​The British pound and the euro are the strongest major currencies, and the U.S. dollar and silver are the weakest. The EUR/USD and GBP/USD currency pairs closed again at new 50-day high prices, meaning their prices will probably rise again. The EUR/USD may be invalidating long-term resistance at 1.1929, paving the way for a potential rise to 1.1964.

Friday’s U.S. FOMC Meeting Minutes release had almost no impact on the market as minutes revealed members keeping their options open over the asset purchase program.

There are some important data releases due today concerning the U.S. dollar. The FOMC will be releasing the minutes of its most recent meeting, and there will be releases of Preliminary GDP, Unemployment Claims, and Revised UoM Consumer Sentiment. U.S. GDP, unemployment, and consumer sentiment data released yesterday were all in line with expectations. U.S. GDP on a quarterly preliminary basis showed an increase of 33.1%.

Last Friday saw 665,605 confirmed new coronavirus cases diagnosed worldwide – a record high. New cases are increasing with an exponential trend.

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