Spanish and Italian services sector stable in August

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Thursday, Sep 03 2015

Spanish Services PMI was little-changed in August, posting 59.6 from 59.7 in July. Analysts were predicting decline to 59.3. This signalled a further sharp monthly expansion in activity, and the twentysecond in as many months. Respondents indicated that success in securing new customers had been a key factor behind the latest rise in activity.

Italian Services PMI climbed to 54.6 in August, from 52.0 in July, beating forecasts on increase to 53.1. This was the index’s highest reading since March 2010 and signalled a solid rate of growth in business activity. The upturn coincided with a return to growth in service sector employment. However, new business rose at a slower rate and companies’ future expectations sank to the lowest since December last year. There was little change on the price front, with costs rising modestly while charges were reduced.

Euro is currently being traded few points above 1.1230 area. Pair is likely to find support around 1.1150 level and resistance above 1.13 handle. Later today, ECB will release its interest rate decision followed by press conference.

More in this category: « Australian Retail Sales down by 0.1% UK Services PMI fell to lowest level since May 2013 »

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