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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia Nikkei Services PMI fell to 49.6 in June 2019
FMPMonthlyReleased July 2019
India Nikkei Services PMI fell to 49.6 in June 2019, released July 2019, down 0.6 from May's 50.2 reading. The reading matched the 50.4 consensus. Nikkei Services PMI has now declined for 5 consecutive months. Over the past 3 months, Nikkei Services PMI averaged 50.6, vs 52.47 in the prior 3-month window. Nikkei Services PMI is now the lowest in 15 months.
Latest Release
49.6
Actual
50.4
Consensus
50.2
Previous
Median Absolute Error
±0.6
across last 7 releases
Last Call
Jul 2019
Predicted: 50.08
Actual: 49.6
Error: +0.48
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/INR | ▼ Inverse | −0.50 | FOREX | Bullish INR | → View |
| XAU/USD | ▲ Direct | +0.35 | COMMODITIES | Watch | → View |
| EUR/USD | ▲ Direct | +0.30 | FOREX | Watch | → View |
| S&P 500 | ▲ Direct | +0.30 | INDEX | Watch | → View |
| BTC/USD | ▲ Direct | +0.30 | CRYPTO | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Nikkei Services PMI (India) was reported at 49.60 in July 2019. This missed the market consensus of 50.40 by 0.80. The reading fell from the previous value of 50.20.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 50.27, down from the prior three at 52.23.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/INR (Bullish INR). A secondary relationship exists with XAU/USD, positively correlated (Watch). Over the last 7 releases, the Sigmacast model's median absolute error is 0.60.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Industrial Production YoY (Jun 28) and Manufacturing Production YoY (Jun 28).
Auto-generated from current model state · Refreshes on each release · Last update July 2019.
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Nikkei Services PMI - IN
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About Nikkei Services PMI — India
DEFINITION
The Nikkei Services PMI is a key economic indicator that measures the performance of the services sector in Japan. It provides valuable insights into the overall health of the country's economy by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service industries, making it a reliable and timely measure of economic trends. The Nikkei Services PMI is widely used by investors, policymakers, and businesses to make informed decisions and assess the current and future state of the Japanese economy.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jun 2019): actual 49.6, consensus 50.4. Prior reading (May 2019): 50.2. Before that (Apr 2019): 51.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with USD/INR (Bullish INR, r=-0.50) — a useful reference for forex-focused traders.
Σ
EXPECTED ZONE
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Economic Calendar - IN Events
| Tuesday, June 23, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 05:00 | IN | HSBC Manufacturing PMI | 54.5 | 55 | 55.5 | 55.00 | Medium |
| 05:00 | IN | HSBC Services PMI | 57.3 | 59.8 | 59.7 | 58.50 | Medium |
| 05:00 | IN | S&P Global Composite PMI | 57.4 | 59.3 | 58.8 | 58.10 | Medium |