Morning Minutes

Overseas Markets and Bitcoin Rally




Overseas markets, several of which have returned to trading from the Easter holiday weekend today, are in the green today, led by gains of 0.75%-1.25% for major Asia Pacific markets and gains of 0.3% for the FTSE and the Dax. US index futures are flat to down 0.2% after finishing flat to up 0.3% on Monday.

Asia Pacific gains appear to have been driven by the Bank of Korea’s decision to continue the pause in rate hikes that started at its last meeting, a sign the Bank of Canada has scope to remain on hold when it meets tomorrow, along with softer than expected consumer price data out of China (0.7% vs street 1.0%).

Alternative currencies continue to attract attention. Bitcoin has regained the $30,000 level with a 3.3% gain today, while Gold is up 0.7% and remains above $2,000/oz. In commodity action, Copper has climbed back up above $4.00/lb with a 0.9% gain while WTI Crude Oil is down 0.2% and sitting just below $80.00/bbl.

Investors continue to prepare for a number of significant announcements scheduled for the rest of this week including US consumer prices Wednesday, US producer prices Thursday and US retail sales Friday along with the big kickoff to US earnings season.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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