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Italian Services PMI up more than expected

Wednesday, Feb 04 2015
At 51.2, up from 49.4 in December, Italian Services PMI indicated a modest pick-up in business activity at the start of the year. Incline to 49.9 was forecasted. That marked the third increase in business activity in the past four months.  
 
Data continued to point to weak underlying demand in the service sector, however, with incoming new business falling for the third straight month. Moreover, having continued to accelerate, the rate of decline in new work was the fastest since November 2013.  
 
Data did not have any major impact on the markets with euro currently being traded few points above 1.1440 level. Pair is likely to find support 1.1370 level and resistance near 1.15 handle. Later today, Italian Services PMI and Eurozone Retail Sales figures will be released.
More in this category: « Spanish Services PMI rose to 56.7 UK Services PMI posted 57.2 in January »

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