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Spanish Manufacturing PMI at a seven-month low

Wednesday, Jun 01 2016
Although the health of the Spanish manufacturing sector continued to strengthen in May, the latest improvement was the weakest in seven months amid slower rises in output, new orders and employment. Meanwhile, input prices increased for the first time since August last year, but firms continued to lower their output charges. 
The seasonally adjusted Markit Spain Purchasing Managers’ Index  dipped to 51.8 in May from 53.5 in April, its lowest level since October 2015 and thereby signalling a weaker improvement of business conditions in the sector. The rate of growth in manufacturing new orders eased for the fourth month running in May and was the lowest in the current two-and-a-half year period of expansion. Meanwhile, new export orders continued to increase at a solid pace amid reports of higher new business from other European countries. 
 
Euro is currently being traded few points below 1.1160 level. Pair is likely to find support around 1.11 handle and resistance above 1.1180 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.
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