Italy Services PMI comes in at 55.2 against 52.5 consensus

Italy’s S&P Global Services PMI registered 55.2 for September, released today. This figure exceeded the consensus expectation of 52.5, representing a 5.1% surprise versus the forecast. The previous month’s reading was also 52.5.

Following the release, the euro saw varied movements against major currencies over the initial 15 minutes. EURUSD traded up 1.9 pips, while EURCHF gained 1.2 pips. Other pairs saw declines, with EURJPY down 8.6 pips, EURAUD down 2.7 pips, EURGBP down 1.0 pips, EURCAD down 0.4 pips, and EURNZD down 0.1 pips. These initial moves are generally smaller than the median 1-hour moves observed after past releases, such as EURUSD’s median 1-hour move of 9 pips or EURJPY’s median 1-hour move of 11 pips. For instance, EURCHF’s 1.2 pip gain is less than its median 1-hour move of 5 pips.