The price of WTI Crude Oil shoots to a new 8-year high above $109.
The stock and Forex markets have broadly stabilized, but certain commodities produced in Ukraine and Russia such as Wheat and Corn have risen strongly, while Crude Oil continues its very strong upwards movement towards a new 8-year high price with the $110 level in sight. This high price of crude oil is triggering fears over its potential effect on economic growth. In the Forex market, the New Zealand and Australian dollars are the strongest currencies, while the Japanese yen and the Swedish krona are the weakest.Australian GDP data shows a quarterly increase of 3.4%, slightly lower than the 3.5% which had been widely expected. Today will bring releases of the ADP forecast for US non-farm payrolls and the Bank of Canada’s Rate Statement and Overnight Rate.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 63.1% of the world’s population has received at least one dose of a coronavirus vaccination.Total confirmed new coronavirus cases worldwide stand at over 438.9 million with an average case fatality rate of 1.36%.The rate of new coronavirus infections appears to now be increasing only in Brunei, Cambodia, China, Iceland, South Korea, Malaysia, New Zealand, Singapore, Thailand, and Vietnam.
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