📊 Important American Data and Its Impact on the Market:
🖤 Economic indicators have just been released from America, and each of them has a different effect on the dollar, and consequently on cryptocurrencies:
📍 First Indicator: Purchasing Managers' Index (PMI):
🔹 Previous: 52.9
🔹 Estimate: 49.5
🔹 Actual Result: 49.8
💎 Result: Positive for the dollar.
💚 Why? Because the number came out better than expected, which means that the industrial slowdown is less than what the market was fearing. Therefore, there is slight support for the dollar.
📍 Second Indicator: ISM Manufacturing Index (the more important one):
🔹 Previous: 49.0
🔹 Estimate: 49.5
🔹 Actual Result: 48.0
💎 Result: Negative for the dollar.
💚 This is the indicator that the market really cares about more, and when it comes out lower than expectations and below 50, it means that the industrial economy is contracting more, and this could lead the Fed to consider easing monetary policy or delaying interest rate hikes.
#⃣ What does this mean for you as a crypto trader:
👍 Weakness in the dollar = could be positive for Bitcoin and altcoins in the short term.
👍 However, the divergence between the two indicators could make the market a bit volatile today.
📌 Advice: Keep a close eye on the dollar (DXY) and Bitcoin today… opportunities are coming, but the market needs focus.
