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Spanish Manufacturing PMI rose more than expected

Thursday, Dec 01 2016
Spanish Manufacturing PMI rose more than expected

Spanish manufacturing firms saw faster rises in output, new orders and employment in November as momentum continued to build from the weakness seen around the middle of the year. In fact, the rise in new business was the strongest since January. Meanwhile, cost inflation showed further signs of strengthening, but selling prices rose only slightly.

The PMI posted 54.5 in November, up from 53.3 in October and signalling a solid monthly improvement in business conditions at Spanish manufacturing firms. Moreover, the strengthening of business conditions was the most marked since January. Manufacturing production has now risen on a monthly basis throughout the past three years, with higher new business supporting a solid expansion in November.

 

Euro is currently being traded around 1.06 handle. Pair is likely to find support around 1.0550 level and resistance above 1.0650 area.

More in this category: « Private Capital Expenditure decreased by 4.0% UK Manufacturing PMI fell to 53.4 »

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