Spanish and Italian Services PMI declined in January

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Wednesday, Feb 03 2016

The headline seasonally adjusted Spanish Services PMI posted 54.6 in January, in line with market forecasts, remaining well above the 50.0 no-change mark and thereby signalling a further sharp rise in activity during the month. Services output has now increased in each of the past 27 months, although the rate of expansion slowed again at the start of the year and was the weakest since December 2014.

At 53.6 in January, down from December’s 69month high of 55.3, the headline Italian Markit/ADACI Business Activity Index showed a solid but slower rise in service sector output at the start of 2016. Analysts were expecting smaller decrease to 54.2. Growth in business activity has now been recorded for 11 months in a row.

Euro is currently being traded around 1.0920 area. Pair is likely to find support around 1.0850 handle and resistance above 1.0950 level. Later today, in the US session, ADP job figures and Non-Manufacturing PMI data is scheduled for a release.

More in this category: « Australian Trade Balance deficit rose in December UK Services PMI little changed in January »

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