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Euro higher after positive PMI figures

Tuesday, Dec 01 2015
A pick-up in growth was recorded in the Spanish manufacturing sector during November, with output and new orders both increasing at faster rates. This encouraged greater purchasing activity and a buildup of inventories. Meanwhile, falling raw material costs continued to lead to reductions in both input prices and output charges. The seasonally adjusted Markit Spain Purchasing Managers’ Index rose to 53.1 in November from 51.3 in October, thereby signalling a solid and stronger improvement in the health of the sector. Analysts were anticipating incline to 51.9. 
The Italian manufacturing sector continued to grow at a solid pace during November. Goods producers recorded the strongest rises in output, new orders and employment for four months, with the upturns underpinned by firmer demand in the domestic market as well as solid and accelerated growth in new export orders. Meanwhile, falling raw material costs led manufacturers to trim output charges for a third consecutive month. At 54.9, up from October’s 54.1, the headline Markit/ADACI Italy Manufacturing Purchasing Managers’ Index recorded its highest reading for three months. Analysts were predicting incline to 54.3
 
Euro is currently being traded around 1.06 area. Pair is likely to find support around 1.0560 handle and resistance above 1.0630 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.
More in this category: « RBA kept interest rates unchanged UK Manufacturing PMI fell to 52.7 in November »

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