Euro little changed after PMI figures

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Monday, Aug 03 2015

Spanish Manufacturing PMI posted 53.6 in July, down from 54.5 in June to signal the slowest improvement in operating conditions since last October. Analysts were anticipating smaller decline to 54.2. That said, the health of the sector has now strengthened in each of the past 20 months and the latest improvement was solid. Firms continued to increase the rate at which they took on extra staff and built stocks of purchases in line with expectations of rising workloads in coming months.

On the other hand, Italian Manufacturing PMI data beat market predictions on incline to 54.6. Growth of manufacturing output in Italy accelerated at the start of the third quarter, reaching the fastest seen for more than four years. Stronger demand, meanwhile, encouraged goods producers to take on more staff whilst raising output prices to offset the impact of higher costs. At a 51-month high of 55.3 in July, up from 54.1 in June, Italian Manufacturing PMI pointed to a sixth successive monthly improvement in manufacturing business conditions.

However, data was of no major impact on euro which is currently being traded few points below 1.0970 area. Pair is likely to find support around 1.0920 level and resistance above 1.10 handle. In the US session. ISM Manufacturing PMI figures are scheduled for a release.

More in this category: « China's manufacturers cut production at the fastest rate since 2011 UK Manufacturing PMI rose to 51.9 »

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