What are the correlations between the ISM Purchasing Managers Index and cryptocurrency performance?
Shaurya KaushalApr 30, 2022 · 3 years ago1 answers
Can the ISM Purchasing Managers Index (PMI) be used to predict the performance of cryptocurrencies? Is there any correlation between the PMI and the price movements of cryptocurrencies? How does the PMI impact the cryptocurrency market?
1 answers
- Apr 30, 2022 · 3 years agoThe ISM Purchasing Managers Index (PMI) is a widely recognized economic indicator that measures the health of the manufacturing sector. While it is not directly correlated with cryptocurrency performance, it can provide some insights into the overall economic conditions. A strong PMI reading may indicate a healthy economy, which could potentially lead to increased investor confidence and investment in cryptocurrencies. However, it is important to note that the cryptocurrency market is highly volatile and influenced by various other factors. Therefore, it is advisable to consider the PMI along with other indicators and factors when analyzing cryptocurrency performance.
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