The data published by the Institue for Supply Management (ISM) on Tuesday revealed that the economic activity in the non-manufacturing sector in the United States expanded at a more robust pace than expected in October with the headline Non-Manufacturing Index rebounding to 54.7 from 52.6 in September and beating the market expectation of 53.5.
With the initial reaction, the Greenback gathered strength against its rivals and the US Dollar Index rose to a fresh daily high above the 97.90 mark.
Pressured by the upbeat performance of the USD, the EUR/USD pair is now trading at its lowest level since mid-October at 1.1070, erasing 0.5% on the day.
"The non-manufacturing sector had an uptick in growth after reflecting a pullback in September," the ISM noted in its publication. "The respondents continue to be concerned about tariffs, labor resources and the geopolitical climate.”
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