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The latest ISM Manufacturing PMI report for May showed continued contraction in the sector, coming in at 48.5%, below the forecasted 49.3% and slightly lower than April’s 48.7%. This marks the third consecutive month of contraction, signaling persistent weakness in factory activity.
Meanwhile, ISM Manufacturing Prices registered at 69.4%, slightly below expectations of 70.2% and down from 69.8% in April. While prices remain elevated, the slight dip suggests some moderation in cost pressures.
Imports Hit Lowest Levels in 16 Years
A worrisome data that came out today regarding American imported goods. The Import Index, which is closely monitored as a gauge of demand for foreign products, plunged to 39.9% in May—the lowest level since the 2008 financial crisis.
This data reveals the effect of the United States’ new stance on foreign tariffs. America and China are apparently still a long way from a resolution—meanwhile, the U.S. has been pressuring other key trade partners like Mexico, Canada, and the European Union, ramping up tariff policies that could reshape global supply chains.
Bitcoin Holds on to $105K
Bitcoin saw a negative push throughout the day, including a 2.12% drop this morning, reaching a daily low of $103,718. After that, however, buyers reclaimed the spotlight, recovering intra-day losses and bringing the price of the crypto to the current $105,283.
Overall, Bitcoin is trading at a 0.50% deficit over the last 24 hours, adding up to 3.71% losers over the week. The last three days were marked by buyers failing to bring the price above the $106,000 resistance zone—signaling that this zone remains a strong supply area, where sellers continue to push back against upward momentum.
With markets still on edge, key economic data this week could influence Bitcoin’s trajectory. Investors will be watching closely for signs of shifting sentiment as inflation and labor reports unfold.
For readers exploring new exchanges, WEEX is currently offering early users a chance to claim up to 100 USDT just for signing up and verifying — no strings attached.
