The Chicago PMI came in at 57.6 for July, beating the consensus forecast of around 56 and June’s reading of 56.7. This marks the third consecutive month above the 50 threshold that separates expansion from contraction, following more than 25 months in contraction territory. The reading confirms that May’s spike to 62.7 was not a statistical fluke but the beginning of a genuine upward trend in manufacturing activity. Stronger economic data makes a Fed pivot toward rate cuts less likely, keeping the US dollar stronger, which historically creates a headwind for crypto prices. The difference between four cuts and two cuts in a calendar year can translate into billions of dollars in market cap across the crypto ecosystem.
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