French Manufacturing PMI at a one-year high

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Thursday, May 21 2015

The French private sector posted further modest output growth in May, suggesting that economic expansion is being maintained through the second quarter. Flash France Manufacturing PMI climbed to 49.3 from 48.0 in April, what is a 12-month high. Analysts were anticipating smaller increase to 48.8.

Furthermore, Flash France Services Activity Index rose to 51.6 from 51.4 in April, what is slightly below expected incline to 52.0. The service sector remained the driver of growth, offsetting another contraction in manufacturing. Competitive pressures continued to bear down on firms’ output prices, in contrast to a faster rise in input costs. However, a further improvement in service providers’ optimism is a welcome development.

After the data euro rose and is currently being traded few points above 1.1120 level. Pair is likely to find support around 1.1050 area and resistance near 1.1180 level. Later today, German and Eurozone PMI figures are scheduled for a release.

More in this category: « China's Manufacturing PMI still on the downside German PMI unexpectedly fell in May »

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