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G7 Nations & the Fed Meet, Musk Boosts Bitcoin

This week several economic and political events could be affecting the markets as Biden is in Europe, the G7 summit is taking place, the Federal Reserve is meeting to discuss last week’s inflation data, and, perhaps thanks to Elon Musk we could be witnessing a Bitcoin rally again.

This morning’s Asian session saw the S&P 500, after Friday’s record high, up 0.1%. Ten-year Treasury yields rose to almost 1.46% with the figure seeming to be recovering from Thursday’s drop to its lowest level since March. Crude oil futures rose 0.4% while West Texas Intermediate (WTI) futures rose to $71.21 per barrel. Gold, on the other hand, fell to $1865.54 a troy ounce.

The euro, the U.S. dollar, and the Russian ruble could all be affected by the G7 meetings taking place in the UK. In addition, US President Joe Biden will meet with Russian President Vladimir Putin on Wednesday in Geneva.

On Wednesday, after a two-day meeting, the Federal Reserve (Fed) is going to release a policy statement and new economic projections. The Consumer Price Index (CPI) figure rose again in May for the second month in a row. The question that now remains in the economic world is what the Fed is going to do about indicating rising inflation.

Another asset to watch this week is Bitcoin. Over the weekend, the auto industry’s most twitter-active CEO, Elon Musk, stirred up social networks once again with a tweet in which he expressed the possibility of Tesla accepting Bitcoin for its cars. The Tesla leader’s insinuation is subject to the cryptocurrency’s transactions being made with more clean energy. Musk’s tweet boosted Bitcoin, which surpassed $39,000 over the weekend. This morning, at the time of writing, Bitcoin was down to $38,881.

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