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Spanish Services PMI fell, but remains solid

Thursday, Mar 03 2016
The Spanish service sector continued to record growth of activity, new orders and employment during February, but there were signs that the political uncertainty following December’s general election had subdued demand, leading to weaker rates of expansion. 
 The headline seasonally adjusted Business Activity Index posted 54.1 in February, down from 54.6 in January but still signalling a solid expansion of activity during the month. Activity has increased continuously since November 2013, with the latest expansion linked to an improved economic climate and rising sales. However, the rate of growth slowed for the third month in a row and was the weakest since November 2014.  
 
February’s headline Markit/ADACI Business Activity Index – which is based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago – read 53.8 to signal a solid rate of growth that was slightly faster than in January (53.6). It was the twelfth month in a row that the index has registered above the 50.0 no-change threshold.  
 
Euro is currently being traded few points above 1.0860 level. Pair is likely to find support around 1.08 handle and resistance above 1.0950 level. Later today, in the US session,  Unemployment Claims and Non-Manufacturing figures are scheduled for a release.
More in this category: « Australian Trade Balance deficit narrowed in January UK Services PMI at the lowest level since March 2013 »

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