Italian services PMI for Feb 37.9. Weaker than median forecast of 39.6.

French final services PMI for Feb 40.2. In line with median forecast of 40.1.

German final services PMI for Feb 41.3. Slightly weaker than median forecast of 41.6.

Euro-zone final services PMI for Feb 39.2. Slightly stronger than median forecast of 38.9.

Euro-zone final composite PMI for Feb 36.2. Exactly in line with median forecast.

UK services PMI for Feb 43.2. Better than median forecast of 41.9.

Fairly active forex trade. The main feature of currency trading this morning has been the accelerated weakness seen in the yen across the board. Weak economic fundamentals, political uncertainty in Japan and rumours of covert intervention are a few of the factors underminning the yen at present. The USD/JPY rally accelerated when buy stops just above 98.85 technical resistance and then in 99.05/10 area were triggered in quick succession. Technical resistance is now noted at 99.48 and it has so far capped the rally. Sources note that Bank of Korea was again a buyer in this most recent leg higher in USD/JPY. Cable made some ground, aided by decent buying interest in GBP/JPY and selling interest in EUR/GBP. The release of better than expected PMI data also lent the UK unit some support.