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Euro lower despite solid Services PMI data

Wednesday, Nov 04 2015
Spanish Services PMI posted 55.9 in October, signalling a marked expansion in output during the month. The reading was up from September’s nine-month low of 55.1, thereby signalling an accelerated rate of growth. Activity has now increased on a monthly basis throughout the past two years. The expansion of output was supported by a solid increase in employment, which also helped lead to a fall in backlogs of work. Meanwhile, the rate of input cost inflation continued to ease, but output prices were increased following a reduction in September.  
 Italian service sector activity rose for the eighth consecutive month in October, supported by solid and accelerated growth in inflows of new business. Employment increased as business confidence improved to a seven-month high, although the rate of job creation was only modest amid continuing backlog depletion. At 53.4 in October, up fractionally from September’s 53.3, the headline Italian Services PMI signalled a solid expansion in service sector activity. The current sequence of growth now extends to eight months, which is the longest seen since late-2007.  
 
Euro is currently being traded around 1.0920 area. Pair is likely to find support around 1.09 handle and resistance above 1.0970 level. Later today, in the US session, ADP job figures, Trade Balance data and Janet Yallen testimony are scheduled for a release.
Last modified on Wednesday, 04 November 2015
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