Euro stable above 1.10 handle

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Monday, Nov 02 2015

Euro is being stable above 1.10 in the course of the quiet Monday trade. Earlier today, Spanish and Italian Manufacturing PMI figures were released. Spanish Manufacturing PMI dropped for the fifth consecutive month in October, posting 51.3 from 51.7. Analysts were anticipating slight increase 51.9. Although continuing to indicate a strengthening of the health of the sector, the latest reading signalled the weakest improvement since December 2013. Part of the reason for the weaker improvement in operating conditions was a slowdown in production growth.

On the other hand, Italian Manufacturing PMI registered 54.1 in October, up from 52.7 in September and at its highest level for three months as well beating expectations on incline to 52.9. The index has now posted above the 50.0 nochange mark – signalling improving operating conditions in the goods-producing sector – for nine months in a row. Manufacturers continued to raise production during October, in line with the trend seen since January. Furthermore, the rate of growth accelerated from September’s eight-month low and was strong.

Euro is currently being traded around 1.1030 area. Pair is likely to find support around 1.10 handle and resistance above 1.1050 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.

More in this category: « UK Manufacturing PMI up to a 16-month high ISM Manufacturing PMI little changed in October »

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