Spanish and Italian Services PMI disappoints in September

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Monday, Oct 05 2015

Spanish Services PMI fell for the second month running in September to 55.1 from 59.6 in August. No change was expected. The reading continued to signal marked growth of services activity, albeit the slowest in 2015 so far. Output has now risen in each of the past 23 months. Close to 31% of respondents signalled an expansion in the latest survey period, against 21% that posted a contraction.

Italian Services PMI registered 53.3 in September, down from August’s 65-month high of 54.6, but nevertheless signalling growth for the seventh straight month. Analysts were predicting increase to 54.8. A weaker increase in new business was partly behind the slowdown, and firms in the sector reacted by cutting staff numbers for the second time in the past three months. On a brighter note, optimism among service providers regarding future growth prospects strengthened to the highest in five months.

Euro is currently being traded 1.1240 level. Pair is likely to find support around 1.12 handle and resistance above 1.1280 level. Later today, in the US session, Non-Manufacturing PMI figures are scheduled for a release.

More in this category: « Job ads rose for the second month in a row UK Services PMI at lowest level since April 2013 »

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