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Forex Today: US Stocks, Bitcoin Hit Multi-Month Highs

on August 15, 2022
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The risk-on rally sparked by last week’s lower than expected US inflation data continues.

Following last week’s fall in annualized US CPI data, the risk-on rally continues with stock markets rising in much of the world. The S&P 500 Index and the NASDAQ 100 Index both rose firmly Friday to close at new 3-month highs. The Japanese Nikkei 225 Index is very close to making a new high for 2022, while several European indices are making new 2-month highs. The standout stock market is China, which is performing poorly.BTC/USD is rising within a bullish price channel and just made a new 2-month high price above the big round number at $25k.The Forex market has begun the week quietly, with the Japanese Yen gaining over the Asian session, notably against the New Zealand Dollar.


The yen is a popular asset during turbulent times.

A Reuters poll shows that the Bank of England is expected to make a 0.50% rate hike at its next meeting, before reverting to further smaller hikes of 0.25%.Daily new coronavirus cases globally dropped last week for the fourth consecutive week.It is estimated that 67.4% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 7.5% 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 595.3 million with an average case fatality rate of 1.08%. The rate of new coronavirus infections appears to now be most significantly increasing in Barbados, Chile, South Korea, The Marshall Islands, Mongolia, Serbia, Trinidad, and Tonga.

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