Spanish and Italian Services PMI both rose in March

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Tuesday, Apr 07 2015

Spanish Services PMI rose to 57.3 in March from 56.2 in the previous month to signal a sharp increase in service sector output, and one that was the strongest since last August. Analysts were predicting smaller increase to 56.5. Activity has now increased in each of the past 17 months. Report showed strongest rise in new business since July 2000. Greater workloads supported a further increase in employment as outstanding business built up. Rises in staff costs and energy prices brought a two-month sequence of falling input costs to an end, and firms reduced their charges only marginally.

Italian Services PMI climbed to 51.6 in March, from the no-change level of 50.0 in February, and above predicted incline to 51.1, signalling growth for the second time in three months. Buoyed by increased workloads, companies raised employment for the second month running and at a faster rate. Elsewhere, data showed cost pressures increasing to a six-month high, while output charges fell at a slower rate.

Data did not have major impact on the markets with euro currently being traded few points above 1.0920 level. Pair is likely to find support around 1.0850 and resistance above 1.0970 area. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.

More in this category: « Aussie higher after RBA Statement U.K. Services PMI rose more than expected »

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