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Euro lower despite good Services PMI data

Wednesday, Jan 06 2016
The Spanish service sector carried on the trend of sharp growth of activity seen throughout 2015 in December, despite the rate of expansion easing from November. Moreover, business sentiment picked up to an eight-month high. Slower, but still solid increases were seen with regards to new business and employment. Meanwhile, the rate of cost inflation remained relatively muted and companies lowered their output prices. The headline seasonally adjusted Business Activity Index dipped to 55.1 in December from 56.7 in November, but still signalled a marked monthly rise in activity at services companies. Analysts were predicting incline to 56.9.
 Italy’s service sector businesses recorded an upturn in growth at the end of the year, with both total activity and inflows of new business increasing at faster rates. The pace of job creation meanwhile picked up to an eight-month high, supported by improved confidence towards the year-ahead outlook for activity. Average prices charged fell marginally, despite input costs faced by businesses rising at a faster rate. Index rose to 55.3, from 53.4, beating forecasts on an incline to 53.8.
 
Euro is currently being traded around 1.0730 area. Pair is likely to find support around 1.0650 handle and resistance above 1.08 level. Later today, in the US session, ADP job figures, Trade Balance data as well as FOMC Meeting Minutes are scheduled for a release. 
More in this category: « China’s services sector expanded at the slowest rate in 17 months UK Services PMI fell to 55.5 in December »

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