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ASX to rise, Bitcoin boom continues, NZ lifts rates

·2-min read
The ASX board and New Zealand currency being printed.
The local market is set to rebound today despite being hit by New Zealand raising rates in yesterday's session(Source: Getty)

Good morning.

ASX: The local market is set to rise again today after a positive lead from Wall street. This comes after shares tumbled mid-trade yesterday.

Wall St: US stocks rose, recouping early losses and turning positive as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to lift the debt ceiling.

Top US Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December.

US politicians have been in a stalemate over raising the debt ceiling. If they fail to do so soon, the US could default on its debts and cause a global economic catastrophe.

BTC: Bitcoin has continues it’s boom, sitting at around $75,900 as the cryptocurrency recovers from China’s crackdown.

NZ lifts rates: New Zealand's central bank (RBNZ) hiked rates due to rising prices, yesterday breaking away from the status quo.

The ASX went from gains to losses yesterday as investors reacted to the RBNZ decision to raise rates to 0.5 per cent.

The RBNZ said while there was still economic uncertainty from COVID-19, cost pressures were becoming more persistent.

AUD: The Aussie dollar fell off the bank of the New Zealand central bank raising interest rates. It is now sitting at around 72 US cents.

Inflation concerns: The International Monetary Fund (IMF) said it does not believe inflation will continue to rise at the rapid speeds we have seen.

However, it admits there are risks ahead as the global economy recovers from the coronavirus pandemic.

In a report the IMF projected annual inflation in advanced economies will peak at 3.6 per cent on average in the final months of this year.

It expects inflation will then revert to its pre-pandemic level of two per cent in the first half of 2022.

Have a great day.

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