French Manufacturing PMI at the highest level since April 2014

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Tuesday, Jun 23 2015

The French economy gained further growth momentum in June, driven by a stronger service sector performance and a stabilisation in manufacturing. Flash France Manufacturing PMI increased to 50.5 from 49.4 in May, 14-month high. Analysts were predicting smaller incline to 50.1.

The figures bode well for second quarter GDP, following the 0.6% expansion recorded in the opening quarter of the year. Flash France Services Activity Index improved to 54.1 from 52.8 in May, what is a 46-month high. Decrease to 52.5 was expected. With service sector business expectations standing at the highest level for over three years, it seems firms are becoming increasingly optimistic of a convincing upturn in activity.

Data did not have any major impact on the markets with euro currently being traded few points above 1.1260 level. Pair is likely to find support around 1.12 handle and resistance above 1.1330 area. Later today, German and Eurozone PMI figures are scheduled for a release.

More in this category: « China Manufacturing PMI up in June German manufacturing and services sector increased more than expected »

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