Details of the January Markit US PMI:

  • Prior was 51.2
  • Output 54.0 vs 52.5 prior
  • New orders 53.7 vs 50.2 prior

Better than expected but still the second-worst reading since Oct 2013. The pickup in new orders is a good signal.

No visible reaction in the FX market but the better data could help to calm nerves.