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ASX to fall as crypto plummets, vaccine passports within weeks

·Contributing editor
·2-min read
The ASX 200 is expected to open the day 20 points or 0.3 per cent lower this morning.Source: Getty
The ASX 200 is expected to open the day 20 points or 0.3 per cent lower this morning.Source: Getty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market is expected to fall on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3 per cent lower this morning.

Global markets: It was a disappointing night of trade on Wall Street, which saw the Dow Jones fall 0.75 per cent, the S&P 500 drop 0.35 per cent, and the Nasdaq edge 0.05 per cent higher.

AUD: The Australian dollar is trading at 0.7388 to the US dollar as at 7am this morning.

RBA:The Reserve Bank of Australia left the national cash rate unchanged at 0.1 per cent yesterday afternoon as the economy faces a worsening outlook on all fronts and a potential recession.

Economy: Reserve Bank governor Philip Lowe expects the economy will take a material hit from the COVID-19 lockdowns in Sydney and Melbourne. Economists expect the economy could contract by as much as four per cent in the September quarter, although Dr Lowe anticipates the recovery to resume in December quarter.

Bitcoin crash: Bitcoin's (BTC-USD) price crashed on Tuesday afternoon, falling below the $50,000 mark, on the same day that El Salvador began accepting the crypto as legal tender.

Vaccine passports: Australians will begin using an international vaccine passport within weeks to prove their immunisation status overseas and on their return as the Prime Minister flags home quarantine will be key to reopening borders. Scott Morrison is also asking state and territory leaders how they plan to integrate vaccination certificates into existing check-in apps and for their timelines on introducing home quarantine.

Have a great day.

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