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Spanish Manufacturing PMI rose to 52.3 in September

Monday, Oct 03 2016

Spanish Manufacturing PMI rose to 52.3 in September, up from 51.0 in August and the highest since April. The reading signalled a solid monthly improvement in the health of the sector. Business conditions have now strengthened in each of the past 34 months. New orders increased for the second successive month in September following a fall in July. Moreover, the rate of expansion was solid and the fastest since April. Panellists reported higher new orders from both domestic and export clients. New business from abroad also rose at a sharper pace during the month.

Commenting on the PMI data, Andrew Harker, Senior Economist at IHS Markit said: “The nascent recovery in new orders in the Spanish manufacturing sector continued in September, breathing life back into the sector and hopefully signalling an end to the recent soft patch. Firms responded by increasing both output and employment at faster rates than in August. Less positive were signs that manufacturers are reluctant to hold stocks at present, suggesting that they would like to see some more sustained new order growth before becoming more confident about the near-term outlook.”

 

Euro is currently being traded around 1.1240 level. Pair is likely to find support around 1.12 handle and resistance above 1.1280 area.

More in this category: « Aussie slightly higher in a quiet Monday trade UK Manufacturing PMI at the highest level since 2014 »

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