Risk sentiment continues to strengthen somewhat, sending stocks and the Australian Dollar higher and crude oil lower.
The price of Crude Oil has fallen quite strongly again following news last week that the US is considering releasing a significant amount of its crude oil reserve in an attempt to dampen price rises and inflation. WTI Crude Oil is trading below $100.Bitcoin continues to make a bearish consolidation below strong resistance near $48k.The Reserve Bank of Australia will be releasing its Cash Rate (expected to remain unchanged at 0.1%) and Rate Statement later. The RBA is beginning to come under hawkish pressure as more analysts believe it will need to begin hiking its Cash Rate in June.Turkish inflation data will be released later today and is expected to show an annualized rate of 61.5% for March 2022, which would be a 20-year high and indicate a real negative interest rate of 40%.Daily new coronavirus cases globally fell last week for the second consecutive week. It is a public holiday in China today.The large city of Shanghai in China recorded a record daily number of confirmed new coronavirus cases.It is estimated that 64.5% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 6.2% of the global population is known to have contracted the virus at some stage.Total confirmed new coronavirus cases worldwide stand at over 491.8 million with an average case fatality rate of 1.26%.The rate of new coronavirus infections appears to now be increasing only in Australia, Barbados, Bhutan, China, Cyprus, France, Germany, Laos, Luxembourg, Malta, Samoa, Taiwan, Thailand, and Vanuatu.
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