The Institute for Supply Management (ISM) in the US recorded a sizable growth in the ISM-Non-Manufacturing Index for December, which is evocative of industrial growth.
The index rose to 55.0 index points from the 53.9, which were registered in November. In doing so, the index surpassed the initial expectations, which were for a marginal improvement to 54.5 index points.
The better-than-expected results are yet another indication that the American economy is continuing to outperform itself, despite the ongoing tensions in international trade coupled with the newly sparked tensions in the Middle East.
US business owners and managers expressed their confidence towards the end of 2019 that the American economy is quite versatile and capable of dealing with all of these internal and external pressures.
That is partially why the greenback has been strengthening since the beginning of the new year, and the markets seem unmoved by the rapidly developing Iran situation.
The EURUSD continues to develop as per our analysis from the beginning of the week, as the price of the pair now managed to break down below the major resistance level at 1.11700 successfully and is currently heading towards the 38.2 per cent Fibonacci retracement at 1.10906.
The bearish momentum was further supported by the apparent strengthening of the American industry, as indicated by the findings of the ISM-Non-Manufacturing report.
EURUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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