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Euro higher on mixed Services PMI data

Friday, Jul 03 2015
Spanish Services PMI posted 56.1 in June, down from May’s 58.4 and below predicted decrease to 58.0, but still pointing to a sharp monthly rise in services activity. Spanish service providers have now recorded growth of activity in each of the past 20 months, although the latest expansion was the weakest so far this year. According to anecdotal evidence, growth of new business was the main factor behind increases in activity, with some companies reporting that clients were better able to commit to new projects given ongoing improvements in economic conditions. 
 
Italian Services PMI rose from May’s 52.5 to 53.4 in June. Smaller increase to 52.0 was anticipated. This pointed to the second-fastest rate of expansion since November 2010 (behind that seen in June last year). Panel member reports indicated a general pick up in market activity and greater interest from clients, which was reflected in a fourth successive monthly increase in the level of new work at services firms. That said, the rate of growth in new business was the slowest in this sequence. 
 
After the data euro was pushed lower and is currently being traded few points above 1.11 handle. Pair is likely to find support around 1.1060 area and resistance above 1.1130 level. Later today, Eurozone Retail Sales figures will be released.
More in this category: « Australian Retail Sales up by 0.3% UK Services PMI rebounded in June »

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