Forex Today: Stocks Fall as US Treasury Yields Spike

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Stocks Lower as US Treasury Yields Hit New Highs; WTI Crude Oil Again Hits Record High; Yen Gains in Forex Market

The price yesterday closed in New York above its 8-year high made a few weeks ago at $85.39In the Forex market, the Japanese yen is the strongest major currency, boosted by the drops in global stock markets.

Daily new coronavirus cases soared to a new global record last Thursday, with more than 3.3 million new cases recorded for the first time. Data suggests that the globally rampant omicron coronavirus variant, while considerably more infectious, has notably milder effects than previous coronavirus strains, with an estimated 70% reduction in the probability of hospitalization. This is potentially very good news for both health and economy. Pfizer have announced they plan to have an omicron-specific vaccine ready in March.

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