Commodities continue their strong rises due to the war in Ukraine.
Stock markets are starting this week firmly lower. The Japanese market is down by more than 3% today. European markets are expected to open sharply lower.The price of Gold touched $2,000 an ounce during the earlier Tokyo session, and may well go on to test its all-time high of $2,075 later this week.The EUR/USD currency pair opened this week with a gap down, and traded as low as $1.0821, 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.In the Forex market, the commodity currencies – the AUD, NZD, and CAD – are strong.Wheat and corn futures are expected to open higher later today at high prices which have not been seen for some years.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 63.2% of the world’s population has received at least one dose of a coronavirus vaccination.Total confirmed new coronavirus cases worldwide stand at over 446.7 million with an average case fatality rate of 1.35%.The rate of new coronavirus infections appears to now be increasing only in Bhutan, Brunei, China, South Korea, Liechtenstein, Malaysia, New Zealand, Singapore, Thailand, Tonga, and Vietnam.
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