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Spanish and Italian Services PMI fell in May

Wednesday, Jun 03 2015
Spanish Services PMI posted 58.4 in May, down from April’s eight and-a-half year peak of 60.3 and below expected decline to 59.5, but still signalling a sharp overall expansion of business activity in the service sector. Activity has now increased in each of the past 19 months, with the Post & Telecommunications and Financial Intermediation sectors leading the latest expansion.
 
Italian Services PMI read 52.5 in May, almost in line with market forecasts. The index was above the 50.0 no-change mark for the fourth time in 2015 so far, but below April’s 53.1.  Data and anecdotal evidence alike pointed to a further strengthening of demand faced by services firms, with new business intakes rising for the third month running amid reports from panellists of client acquisitions. However, as was the case with business activity, the latest rise in new work was less marked than that seen in April.  
 
Data did not have any major impact on the markets, but euro fell at the opening of European part of the session and is currently being traded few points above 1.1130 level. Pair is likely to find support around 1.1050 and resistance above 1.12 level. Later today, Eurozone Unemployment Rate and Retail Sales figures are scheduled for a release.
More in this category: « Australian GDP rose by 0.9% in the first quarter UK Services PMI at a five-month low »

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