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Euro supported by better than forecasted PMI data

Monday, Jan 04 2016
Business conditions strengthened at a solid pace in December as both output and new orders rose at sharper rates than in November. That said, the rate of job creation eased and was only marginal. Meanwhile, input costs continued to decrease and firms lowered their charges in response. The seasonally adjusted Markit Spain Purchasing Managers’ Index posted 53.0 in December in line with market forecasts, little-changed from 53.1 in November and signalling a further solid monthly improvement in the health of the sector. 
 
Italy’s manufacturing sector ended 2015 growing at the fastest rate since early-2011. December saw sharp and accelerated increases in both production and new orders, while the pace of job creation picked up to a five-month high. Producer prices meanwhile rose for the first time in four months, although only marginally as input costs continued to retreat. The headline Markit/ADACI Italy Manufacturing Purchasing Managers’ Index climbed from 54.9 in November to 55.6 in the final month of the year, its highest reading since March 2011. Analysts were predicting no change.
 
Euro is currently being traded around 1.0920 area. Pair is likely to find support around 1.09 handle and resistance above 1.0950 level. There will be no data releases in the rest of the session. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.
More in this category: « China's Manufacturing PMI continues to fall UK Manufacturing PMI down in December »

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