French Manufacturing PMI stayed below 50 level

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Friday, Sep 23 2016

Flash France Manufacturing PMI rose to 49.5(48.3 in August), 6-month high, while Flash France Services Activity Index climbed to 54.1 (52.3 in August), 15-month high. Employment across the French private sector rose for the second time in the past three months during September. That said, the rate of job creation was marginal overall. Staffing levels increased in the service sector, but were cut further by manufacturers.

Commenting on the Flash PMI data, Jack Kennedy, Senior Economist at IHS Markit said: “French private sector output growth strengthened at the end of the third quarter, reaching its jointfastest pace in over five years. That was thanks to an improved performance from the dominant service sector, offsetting manufacturing stagnation. The data raise hopes of a firmer GDP print for the third quarter after growth ground to a halt in Q2.”

Euro is currently being traded around 1.12 handle. Pair is likely to find support around 1.1150 area and resistance above 1.1250 level.

Last modified on Saturday, 24 September 2016

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