Markets await the ECB’s rate decision while US regulators finalize key crypto oversight proposals by July 27.
This week’s macro calendar is dominated by the European Central Bank’s rate decision on Thursday, with traders pricing in a hold. The decision follows mixed signals from recent inflation data and geopolitical tensions, which could sway market sentiment ahead of the announcement.
In the US, regulators are advancing crypto oversight with two critical deadlines. The OCC’s comment period on proposed GENIUS Act rules, extending anti-money laundering and sanctions standards to stablecoin issuers, closes July 24. The CFTC’s proposal on 24/7 trading and perpetual-style bitcoin futures also concludes July 27, three months after approving the first regulated bitcoin perpetual contract.
Traders are also monitoring Canada’s June CPI data, released earlier today, which showed a year-over-year increase of 2.8%, down from 3.2% in May. The UK’s June CPI report, due July 22, will provide further insight into global inflation trends.