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      EMU: PMI Services contraction slows down slightly in January

      Eurozone PMI Services rose to 48.6 points in January, from 47.8 points in December, according to data released today by Markit. Market consensus pointed to less growth to 48.3 points.

      PMI Composite improved to 48.6 points from 47.2 points and above projections of 48.2.

      Forex: EUR/JPY rallies on EMU PMI

      The EUR/JPY is one of the main beneficiaries of the Markit PMI releases in the Eurozone that are taking down the "risk off" momentum seen earlier and providing some relief to investors. The cross is getting close to a 200-pip range, as the price was just above the 124.00 mark ahead of the European session and has already reached as high as 125.72.
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