Spanish Services PMI unexpectedly rose in May

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Friday, Jun 03 2016

Service sector activity in Spain rose unexpectedly last month, industry data showed on Friday. In a report, Markit Finacial Information Services said that Spanish services PMI rose to a seasonally adjusted 55.4, from 55.1 in the preceding month. Analysts had expected Spanish services PMI to fall to 53.5 last month.

On the other hand, Italy’s services economy saw a slight drop in business activity in May amid lacklustre growth in inflows of new work. Job creation slowed accordingly, while business confidence towards the year-ahead outlook sank to a nine-month low. Cost inflation meanwhile surged to a 12-month high, though competitive pressures led to a further fall in prices charged. At 49.8 in May, down from April’s 52.1, the headline Markit/ADACI Business Activity Index fell below neutral level of 50.0.

Euro is currently being traded few points below 1.1165 level. Pair is likely to find support around 1.11 handle and resistance above 1.1180 level. Later today, in the US session, NFP, Trade Balance and Non-Manufacturing PMI figures are scheduled for a release.

More in this category: « China service sector activity growth weakens to three-month low in May UK Services PMI rose to 53.5 »

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