Crypto week may be over, but the legislation signed into US law last Friday has far-reaching consequences. The Genius Act allows different financial institutions to issue their own stablecoins and lays out the regulatory framework necessary to do so. Put simply, the act defines what is allowed and what is not, sweeping away the murky grey area that has traditionally surrounded stablecoins. The new legislation will now allow crypto companies to push forward with developments that in some cases had been put on hold for years. Crypto markets are in full swing and while Bitcoin has gone off the boil since reaching the $120k mark, the broader alt market has been more than happy to pick up the slack. Bitcoin dominance continued to plummet over the weekend, while cryptocurrencies up and down the rankings exhibited double-digit gains, in some cases hitting record highs of their own.
President Trump’s tariff deadline is approaching by the hour and delegations from across the globe are scrambling to hash out trade deals. If such agreements are not ironed out by the first of August, trading partners will be slapped with sweeping, broad-stroke tariffs reaching as high as 40% for some countries. The big question is of course the European Union, which is facing 30% duties on exports to the US unless a deal is hammered out over the next ten days. Negotiations with Japan became a lot more complicated yesterday after the ruling coalition lost control of the upper house. Japanese markets are closed today so the election result has not yet had a chance to impact the Nikkei 225 index.
Very little on the economic calendar over the coming week. Fed Chair Powell is set to speak tomorrow although his words are unlikely to greatly affect market sentiment. Rumours of Trump potentially firing Powell are once again doing the rounds but as usual there does not seem to be much substance to them. The biggest news from the Fed is that governor Christopher Waller is now openly calling for a rate cut at the end of the month, going so far as to say that current rates should be 3% instead of the current 4.5%. Manufacturing and services PMIs dominate Thursday’s proceedings, although the European Central Bank could surprise currency traders by adjusting rates on the Euro. Expectations are currently firmly in favour of a rate hold at 2%. A few heavy hitters on the earnings calendar this week: Coca-Cola (KO) on Tuesday; Alphabet (GOOG), Tesla (TSLA) and IBM on Wednesday.
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