USD hovers around multi-month lows with investors eyeing on the infrastructure bill; Bitcoin rebounded once again on Elon Musk’s tweet

USD hovers below 90 and trades around 4-month low against major currencies. This Friday we will have US personal consumption and inflation data, which could potentially move the FX market if anything goes unexpected. Moreover, investors of USD are also closely monitoring the infrastructure bill, totaling $1.7 trillion. The bill was originally around $2.3 trillion, but Biden has agreed to bring it down to $1.7 trillion as a compromise with the Republicans. Senate Republicans are mostly opposing the plan, but Democrats are actively trying other methods to bypass the Republicans and move on the bill.

Bitcoin rebounded more than 10% on Monday, almost touching the $40,000 level. It has regained some of the losses sparked by China’s crackdown on trading and mining services. Ethereum also jumped nearly 19% after losing more than 8% on Sunday. Elon Musk has once again moved the market by tweeting that, environmental impact on Bitcoin mining could be reduced as North American miners will publish the plan on renewable energy usage.