Italian Manufacturing PMI decreased to a 19-month low

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Friday, Jan 02 2015

While analysts were predicting incline to 49.6, Italian Manufacturing PMI decreased to 48.4. It is lowest reading for 19 months in December, and signalled a further deterioration in the health of the goods-producing sector. Following back-to-back readings of 49.0 in the previous two months, the headline PMI’s quarterly average was the lowest since Q2 2013 and well down on the 53.3 recorded over the second quarter of this year.

Manufacturing output decreased for the third month running in December and, although only modest, the rate of contraction was the fastest in this sequence. Weighing on production levels was a further decrease in the amount of new work placed with manufacturers during the month. As was the case with output, the degree to which new orders decreased was the most marked since May 2013.

Data did not have any larger impact on the markets, but euro fell slightly after it was released. It is currently being traded few points above 1.2050 level. Pair is likely to find support around 1.2030, session's low, and resistance near 1.21 handle. Later today, in the US session, Manufacturing PMI will be released.

More in this category: « Spanish Manufacturing PMI fell to 53.8 in December UK Manufacturing PMI at 52.5 in December »

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