Markets were up and down yesterday, with the only constant being a very strong US Dollar.
Most stock markets have risen over the past day, with major US indices looking considerably more bullish, albeit within a long-term bear market.The US treasury yield curve inversion strengthened yesterday, as the 2-year yield overtakes the 10-year yield. Such a yield curve inversion is traditionally taken as a sign of recession.The two major cryptocurrencies, BTC/USD and Ethereum continued to avoid major bearish breakdowns which seemed imminent Monday. Both cryptocurrencies have risen firmly, and their prices continue to hold up. However, if we later see Bitcoin get established below $18,500 and Ethereum below $997, further sharp falls will be likely to happen.Commodity markets continue to fall. WTI Crude Oil is trading below $100 per barrel.Daily new coronavirus cases globally rose again last week, against the long-term trend. It may be that the omicron subvariant BA5 will cause another significant wave.It is estimated that 66.7% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 7.0% of the global population is confirmed to have contracted the virus at some time, although the true number is highly likely to be much larger. Total confirmed new coronavirus cases worldwide stand at over 557.7 million with an average case fatality rate of 1.19%. The rate of new coronavirus infections appears to now be significantly increasing in Bangladesh, Belgium, Bolivia, Colombia, Croatia, Israel, Lebanon, Pakistan, Switzerland, Turkey, Albania, Austria, Belarus, Cyprus, France, Germany, Greece, Guatemala, Iraq, Italy, Malta, Mexico, Morocco, Singapore, and the UAE.
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