USD rose against major counterparts on Friday, boosted by optimistic US manufacturing data. Last week, USD was temporary strengthened by the Fed’s meeting, where several economists have suggested to taper the asset purchases. However, the currency quickly resumed its downward trend after some rebound. On Friday, IHS’s flash reading showed that, US manufacturing PMI rose to 61.5 in the first half of May, the highest reading since October 2009. April’s reading was at 60.5 and the forecast on the first half of May was at 60.2. Manufacturing accounts for 11.9% of the US economy, and a reading above 50 usually indicates growth.
Bitcoin experienced huge volatility over the weekend, dipping to $33,250 on Sunday and currently trades around $35,303. Compared with the previous close, the record low on Sunday was $4,248.98 lower. Ethereum also dropped 16.59% to $1,915.34 on Sunday. Cryptocurrency markets operate 24/7, leading to unexpected price swings at unpredictable hours. On Friday, China escalated its measures against cryptocurrency trading, cracking down mining and trading services. The US Treasury Department also announced on Thursday that cryptocurrency transfers will need to be reported to IRS for tax purposes.