US manufacturing data is back in focus today. The October ISM Manufacturing PMI drops at 10:00 AM ET, with markets expecting 54.6, compared with 54.5 previously. Here's what matters for Bitcoin: A stronger-than-expected reading could signal resilient economic activity, but it may also reinforce concerns that inflation remains sticky. A weaker reading could ease pressure on interest rate expectations, although a sharp slowdown would raise concerns about economic growth. The prices-paid component will be particularly important. One data release won't determine the Fed's next move, but it could influence expectations around rates, the dollar and risk assets. We'll be paying close attention to the reaction across markets.