According to the ISM institute, the US Manufacturing PMI fell moderately in March to 49.1, down from the 50.1 points that were recorded in February.
The findings of the economic report cover a period before the national lockdown in the States was starting to weigh down heavily on the underlying economic activity.
In that regard, the observed performance of the American economy surpassed the initial market expectations of Manufacturing PMI falling to 44.9 index points.
US Manufacturing PMI. Image source: TradingEconomics.com
Despite the observed rise in manufacturing employment, which was covered in the first topic of this Market Update, the overall activity fell owing to the muted global demand and fewer new orders.
The virtually global lockdown on economic activity in addition to the policies of social distancing worldwide are proving detrimental for American manufacturing, which is almost certain to continue falling in April.
Meanwhile, the dollar strengthened against the euro yesterday. The EURUSD pair broke down below the crucial support level at 1.09644, which is the 38.2 per cent Fibonacci retracement level.
The price action is currently consolidating justе below set level.
EURUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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