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UK: PMI Construction steady at 48.7 in January

UK PMI Construction remained at 48.7 points in January, contracting for the third running month, according to data released today by Markit. The result is below market consensus of a rise to 49.1 points.

According to Tim Moore, Senior Economist at Markit:“January’s survey results are yet another indicator of the severe underlying fragility across the UK construction sector, with output failing to rise in any of the three monitored sub-sectors for the first time since last summer.”

Forex: USD/JPY breaks above 93.00 mark

European money allowed a return to the daily highs printed during the Asian shift, at 92.80, but the market didn't stop there. The session opening allowed a move higher and a rally to the 93.00 mark, with a new high at 93.13. The pair runs strong, at 93.09 (+0.34%) and threatening further gains.
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Forex: EUR/JPY mostly sideways on both Yen and euro weakness

Yen weakness is compensating the euro retracement, bringing the EUR/JPY back to the opening levels of 126.64. The cross has been trading sideways most of the time today, with a daily range of 80 pips (126.06 – 126.86).
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