Forex Today: Crude Oil, Wheat Hit New Highs

Agricultural commodities such as Wheat and Corn continue to perform strongly, with Wheat futures closing yesterday at an all-time high, and Corn rising. Stock markets fell strongly yesterday. The S&P 500 Index made its lowest daily close since June 2021 yesterday. The Japanese market is down by more than 1.6% today. European markets are expected to open lower, with several major indices at 1-year lows.Gold continues to look bullish, hovering close to $2,000 an ounce, and may well go on to test its all-time high of $2,075 later this week.The EUR/USD currency pair fell again yesterday, and traded as low as $1.0806, close to a 2-year low. The Euro is currently the weakest major currency in the Forex market due to the economic and political impact of the growing economic boycott and fear that the war in Ukraine may widen to become an Europe-wide conflagration. The Euro has dropped below parity with the Swiss Franc for the first time since 2015.Daily new coronavirus cases globally seem to have peaked six weeks ago, showing that the omicron variant wave is in strong decline almost everywhere.It is estimated that 63.3% of the world’s population has received at least one dose of a coronavirus vaccination.Total confirmed new coronavirus cases worldwide stand at over 448.1 million with an average case fatality rate of 1.34%.The rate of new coronavirus infections appears to now be increasing only in Bhutan, Brunei, China, South Korea, Liechtenstein, Malaysia, Netherlands, New Zealand, Singapore, Thailand, Tonga, and Vietnam.