Forex Today: US Dollar Hits New Highs Against Euro, Yen, Pound

Markets are looking forward to this Wednesday’s crucial US CPI data release, which is very likely to be this week’s main market driver. A few hours ago, a White House spokesperson stated that Wednesday’s data is likely to be “highly elevated”, suggesting the rate will strongly exceed the forecasted month on month increase of 1.1%.Bitcoin and Ethereum are both trading lower, falling yesterday for the fourth consecutive day. However, these two major cryptocurrencies are still well off their recent lows.The Reserve Bank of New Zealand will release its Official Cash Rate and Rate Statement later today. It is expected to hike the Official Cash Rate by 0.50% to 2.50%, which will be the highest interest rate of any of the 8 major currencies.Daily new coronavirus cases globally rose again for the third consecutive week, caused by the omicron subvariant BA5.It is estimated that 66.8% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 7.1% 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 561.8 million with an average case fatality rate of 1.14%. The rate of new coronavirus infections appears to now be significantly increasing in Bolivia, Belgium, Colombia, Croatia, Montenegro, Switzerland, Albania, Austria, Belarus, Brunei, Cyprus, France, Germany, Greece, Guatemala, Iraq, Italy, Japan, Mexico, New Zealand, Singapore, and Tunisia.