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Forex: GBP/USD soars following improved European PMIs

GBP/USD has moved off support following a stronger than expected round of European Services PMIs.

With the exception of Italy, all figures came in better than expected this morning, but it should be noted that only Germany registered a reading above 50, the expansion/retraction watermark. Having made support at 1.5730, where the hourly bottom Bollinger Band lies, spot has climbed to where it trades at 1.5759, still shy of the daily high at 1.5768. Hourly RSI is at 54 but still largely in a ranging formation. UK Services PMI is due at 09:28 GMT ahead.

Forex: USD/JPY rallies as Euro concerns ease on PMI data

European money is allowing the USD/JPY to turn back to the upside. After the Asian shift pressure, with a low at 91.98, the market started the current bouncing movement at 92.13. As the "risk off" cloud disappears on Euro air due to stronger PMI data, the USD/JPY rally extends higher, already at 92.70 (+0.35% on the day).
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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.
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