A look at the morning’s market action
at alarming speed, sending the prices of multiple cryptocurrencies plummeting and raising serious doubts about the business model for all crypto assets.
Mr. Macklem’s remarks will be released just before noon ET and will be followed by a news conference later in the afternoon. In Asia, Japan’s Nikkei closed down 0.98 per cent after a weak handoff from Wall Street. Hong Kong’s Hang Seng dropped 1.7 per cent.Crude prices saw modest early losses, marking a fourth session of declines, as concerns over China’s COVID-19 situation and related curbs continued to spark worries about demand.
“This doesn’t exactly add substance to the rumours and we may be seeing some unwinding of those positions.” “It’s a very hopeful-looking move and one that could end badly if the CPI data continues this year’s trend of disappointing to the upside.”The Canadian dollar was slightly weaker while its U.S. counterpart edged higher against a group of world currencies.Traders will be paying close attention to BoC Governor Tiff Macklem’s remarks later in the day, looking for clues about the course of interest rates in the months ahead.
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