Yesterday, entries on the ETF channel were positive and just a while ago US PMI data was released. This data is crucial for assessing the state of the economy. PMI figures, which show growth in various activity sectors, are also monitored by those interested in seeing the recession risk status. At one point, data below 50 indicated contraction and had put pressure on risk markets.
US Data and Cryptocurrencies
As this article was prepared, the Bitcoin price stands at $66,000, with altcoins remaining stable compared to yesterday. Today, the focus in the US was on PMI data. With the closure of stock markets, major companies will publish their earnings reports. Thus, this week is expected to be eventful on the crypto front. US markets opened recently and started the day with a rise of less than 1%.
The key aspect to watch in the PMI data is if it meets expectations. If the data comes in excessively high, it will reflect strong economic growth, potentially leading the Fed to increase tightening measures to balance growth. On the other hand, data below expectations at this stage isn’t too bad, as consistent data below 50 for at least three months would clearly indicate a contraction.
- US Manufacturing PMI Reported: 49.9 (Expected: 52 Previous: 51.9)
- US Services PMI Reported: 50.9 (Expected: 52 Previous: 51.7)
