How does the PMI data affect the value of digital currencies?

1 answers

• Nareshkumar boinaJun 20, 2022 · 3 years ago
  At BYDFi, we closely monitor the PMI data and its impact on the value of digital currencies. The PMI data provides valuable insights into the economic health and performance of different sectors, which can influence investor sentiment and market trends. We have observed that when the PMI data shows positive growth in manufacturing and services sectors, there is often an increase in the demand for digital currencies, leading to a rise in their value. On the other hand, if the PMI data indicates a decline or contraction in these sectors, it can create a bearish sentiment and result in a decrease in the value of digital currencies. Therefore, understanding and analyzing the PMI data is an important aspect of our trading strategy.
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