ISM manufacturing data for January was a bit firmer than expected, rebounding to 35.6 from 32.9.
Markets had expected a deeper contraction. It is far from good news, but you take your silver linings to dark clouds where you can find them. It was, after all, the first rise in the index since June of last year.
EUR/JPY has firmed further after the data and equity markets have bounced modestly from lows. EUR/USD is at 1.2795, USD/JPY at 89.58 and EUR/JPY at 114.62.
EUR/USD offers remain eyed at 1.2815/20.
