According to the Institute for Supply Management (ISM), the ISM Manufacturing PMI index in the US has fallen to 48.1 index points from the previous level of 48.3 in October.
The recorded deterioration missed the consensus forecasts for an improvement in the index to 49.2 points.
US ISM Manufacturing PMI. Image source: TradingEconomics.com
Waning manufacturing is a contributing factor to the aforementioned rhetoric of Donald Trump, as the President seeks to implement protectionist policies to support growth in the manufacturing industry.
Timothy Fiore, Chair of the ISM, argued in the report that:
“Comments from the panel were consistent with the previous month, with sentiment improving compared to October. November was the fourth consecutive month of PMI® contraction, at a faster rate compared to the prior month.”
Meanwhile, the EURUSD pair continues to consolidate in a narrow range between the 38.2 per cent Fibonacci retracement level at 1.10906 and the major resistance level at 1.10740.
EURUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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