The Institute for Supply Management's (ISM) Manufacturing PMI in December rose to 60.7 from 57.5 in the previous month. Today’s reading came in above market forecasts of 56.6 and pointed to the 7th consecutive month of expansion in factory activity and the strongest growth rate since August of 2018. “The manufacturing economy continued its recovery in December. Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that are limiting manufacturing growth potential. However, panel sentiment remains optimistic, an improvement compared to November", Timothy R. Fiore, Chair of the ISM said.
EURUSD broke below the 50 SMA (green line) after today's data releases and may be heading towards next support level at 1.2240. Source: xStation5
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