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MORNING BID-Bitcoin and Belarus in the headlines

05/24/2021 | 03:06am EDT

May 24 - A look at the day ahead from Danilo Masoni.

Taper talk is not going away and nor is Bitcoin volatility. But the global economy continues to steam on and COVID-19 infections are dropping, seemingly having peaked even in India.

So as the last full week of May kicks off, markets don't look eager to move beyond well-trodden trading paths, perhaps reflecting investors' wariness but also holidays in many parts of Europe.

Stock futures in Europe are up and Wall Street too looks set to hold ground after Friday's a mixed show. The dollar is languishing just off three-month lows and, at 1.62%, 10-year U.S. yields are at the midpoint of their 11-week range -- bond investors may keep powder dry ahead of a series of Treasury auctions and Friday's U.S. core PCE inflation reading.

But there are several Fed speakers to look forward to on Monday, most notably Lael Brainard who is due to speak on central bank digital currencies against the backdrop of the bitcoin storm. There is also a virtual CoinDesk gathering, which will feature Ray Dalio and Cathie Wood.

Crypto enthusiasts might hope Wood will be able to soothe crypto markets; remember her prediction last week of bitcoin at $500,000? Currently though, the world's biggest crypto coin is licking its wounds after falling as much as 17% on Sunday.

Cryptocurrency miners, including HashCow and BTC.TOP have halted their China operations after Beijing on Friday vowed further crackdowns on bitcoin mining.

Finally, Belarus dollar bonds are down as much as 0.7 cents after the government forced an airliner to land on Sunday, arresting an opposition-minded journalist on board and drawing condemnation from Europe and the United States.

Key developments that should provide more direction to markets on Monday:

* BOJ Governor Kuroda speaks

* Emerging market: central bank meetings in Indonesia, Nigeria, Ghana

* Auctions: U.S. 6-month and 3-month t-bills

* Fed speakers: Lael Brainard on CBDCs, Cleveland Fed’s Loretta Mester, Atlanta Fed’s Raphael Bostic, Kansas City’s Esther George

(Reporting by Danilo Masoni; editing by Sujata Rao)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ARK INNOVATION ETF ACC - USD -0.41% 121.86 Delayed Quote.-1.65%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.02% 81.448 Delayed Quote.2.54%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.19% 0.7382 Delayed Quote.-4.07%
BITCOIN - EURO 11.46% 33254.36 Real-time Quote.26.53%
BITCOIN - UNITED STATES DOLLAR 11.58% 39270.86 Real-time Quote.21.95%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.26% 152.47 Delayed Quote.7.52%
BRITISH POUND / US DOLLAR (GBP/USD) 0.47% 1.38216 Delayed Quote.0.53%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.02% 87.921 Delayed Quote.8.07%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.16% 0.79673 Delayed Quote.1.36%
EURO / JAPANESE YEN (EUR/JPY) 0.14% 130.31 Delayed Quote.3.29%
EURO / US DOLLAR (EUR/USD) 0.32% 1.1811 Delayed Quote.-3.65%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.10% 1.483481 Delayed Quote.5.12%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.10% 0.01345 Delayed Quote.-1.83%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.05% 77.217 Delayed Quote.4.00%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.27% 0.69985 Delayed Quote.-2.91%
S&P 500 0.06% 4415.04 Delayed Quote.17.46%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.18% 110.335 Delayed Quote.7.09%
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