Wall Street falls again, as crypto struggles and AUD falls

Wall Street has finished mostly down again, with global markets still struggling with looming rate hikes, war and inflation.

However, the Dow Jones recovered some losses during its late trade, and that may help the ASX snap back today too.

At 7am AEDT, ASX 200 futures were up marginally (0.1pc).

The Dow Jones closed 0.3 per cent down, the S&P 500 was 0.1 per cent lower, while the Nasdaq was marginally up by 0.1 per cent.

That’s after the tech sector has been suffering heavy losses off the back of higher than expected inflation data out of the US.

Crypto is still struggling, however Bitcoin has recovered a slice of what it lost yesterday.

It’s still under the benchmark $US30,000.

This is as investors say that people are putting their cash back into the safe haven of the American currency.

The Australian currency is also down. 

ANZ noted this morning: “The AUD is firmly below 69 US cents as global equities resumed their decline overnight. Pressure remains to the downside for the AUD.”

Meanwhile, there’s speculation that Europe will soon increase rates.

Inflation is also a problem in countries there, with the shortage of gas especially putting pressure on economies.

“In Europe, we have recently revised up our inflation forecasts and anticipate the ECB [European Central Bank] will hike rates in July,” ANZ notes.

“The 9 June ECB meeting promises to be hawkish, as will be the FOMC [Federal Open Market Committee] meeting on 14-15 June.”