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Both Spanish and Italian Services PMI sector rose in April

Wednesday, May 06 2015
Spanish Services PMI rose for the second month running to 60.3 in April from 57.3 in March. Analysts were predicting no change. The reading signalled a substantial monthly increase in activity, and the sharpest since November 2006. Service sector output has now risen on a monthly basis throughout the past year-and-a-half. The Financial Intermediation sector posted the fastest increase in activity, followed by Transport & Storage.  
 
Italian Services PMI registered 53.1 in April, up from 51.6 in March. Smaller increase to 52.1 was expected. This was the index’s second-highest reading in over four years, bettered only by that in June 2014. Reflective of demand in the domestic economy having strengthened, services firms recorded a rise in incoming new business for the second month running in April. Furthermore, as was the case with business activity, the rate of growth in new work accelerated to a ten-month high and was robust.  
 
Data did not have major impact on the markets with euro currently being traded few points above 1.1240 level. Pair is likely to find support around 1.1150 handle and resistance 1.1280  area. Later today, Eurozone Retail Sales figures are scheduled for a release.
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