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Spanish Manufacturing PMI ticked up to 52.2

Friday, Jul 01 2016
Business conditions in the Spanish manufacturing sector improved modestly in June. While the rate of new order growth eased further and was marginal, output rose at a faster pace, in turn leading firms to take on extra staff and increase purchasing activity. Meanwhile, input costs were broadly unchanged and output prices continued to fall. The seasonally adjusted Markit Spain Purchasing Managers’ Index ticked up to 52.2 in June from 51.8 in May. 
This signalled a modest strengthening of operating conditions, and one that was slightly more marked than one month previously. The health of the sector has improved continuously since December 2013. Central to the stronger improvement in business conditions was a quickening of output growth. Production rose for the thirty-first successive month, and at a solid pace. Output increased across all three monitored market groups, led by intermediate goods producers. 
 
Euro is currently being traded few points below 1.1120 level. Pair is likely to find support around 1.1050 handle and resistance above 1.1150 level. 
 
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