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Italian Manufacturing PMI at a four-month high

Monday, Feb 02 2015
Italian Manufacturing PMI registered at a four-month high of 49.9 in January, up from December’s 19-month low of 48.4. Analysts were forecasting smaller increase to 49.3. Each of the headline index’s sub-components imparted a positive directional influence, the greatest being from output and employment. 
 
Having fallen throughout the final quarter of 2014, the level of output at Italian manufacturers returned to expansion in January. That said, growth was only modest overall and confined to the consumer goods sector. 
 
Euro added few points after the data and is currently being traded few points above 1.1320 level. Pair is likely to find support around 1.1260 area and resistance near 1.1370 level. Later today, in the US session Manufacturing PMI figures are scheduled for a release.
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