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Euro lower on disappointing Spanish and Italian PMI figures

Wednesday, Jul 01 2015
Spanish Manufacturing PMI posted 54.5 in June, missing forecasts on a smaller decline to 55.6 and down slightly from 55.8 in May, but still signalling a solid improvement in the health of the sector. Operating conditions have now strengthened in each of the past 19 months. As has been the case in each month since December 2013, Spanish manufacturing output rose in June. The rate of expansion was sharp, but softened to the weakest so far this year. 
 
Italian Manufacturing PMI read 54.1 in June, also below expected decrease to 54.4 and down slightly from May’s 49 month high of 54.8. The index averaged 54.3 for the second quarter as a whole, its highest quarterly reading for more than four years. Despite being the slowest in three months, June’s increase in output was solid and faster than the long-run survey average. The current sequence of growth in output now extends to six months. The strongest-performing sub-category was investment goods production, followed by consumer goods manufacturing.    
 
After the data euro was pushed lower and is currently being traded around 1.11 handle. Pair is likely to find support around 1.1050 level and resistance above 1.12 area. Later today, in the US session, ADP job figures and ISM Manufacturing PMI data is scheduled for a release.
 
More in this category: « Building Approvals up by 2.4% in May UK Manufacturing PMI at 26-month low »

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