Euro higher despite weaker than expected PMI figures

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Thursday, Oct 01 2015

Spanish Manufacturing PMI fell to 51.7 in September from 53.2 in the previous month. The reading still signalled an improvement in the health of the sector but the weakest since December 2013. Analysts were expecting smaller decline to 53.0. The rate at which business conditions strengthened has now eased in four successive months. Weaker new order growth led to an easing in the pace at which production increased. Although solid, the rate of expansion was the slowest since August 2014.

At 52.7, down from 53.8 in August, Italy Manufacturing Purchasing Managers’ Index registered its lowest reading for seven months in September, although remained at a level indicative of a solid improvement in overall business conditions. September saw a further cooling in the rate of growth of Italy’s manufacturing economy, with both production and inflows of new orders rising at the weakest rates seen since the first quarter of the year. Firms nevertheless remained in hiring mode, and also raised their buying levels.

After the data euro added few points and is currently being traded around 1.1150 area. Pair is likely to find support around 1.11 handle and resistance above 1.12 level. Later today, in the US session, Unemployment Claims and Manufacturing PMI figures are scheduled for a release.

More in this category: « Aussie higher after China's PMI data UK Manufacturing PMI down to 51.5 »

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