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Session Recap: Euro recovers but lacks momentum

The European session was mostly driven by the release of European PMI's providing currencies some support. EUR/USD rose toward 1.3180 and Cable to 1.5200 but crosses lacked follow-through. Other major crosses remain well within their recent ranges as investors hold a cautious mood ahead of the ECB and BoE decisions and the so-awaited NFP report. Stocks are broadly higher in Europe, while US equities opened in record territory ahead of the ISM services data.

Main Headlines in Europe (in chronological order):

Spain Markit Services PMI declines to 44.7 in Feb from 47 in Jan

Italy Markit Services PMI down to 43.6 in Feb from 43.9 in Jan

France Markit Services PMI up to 43.7 in Feb

Germany: PMI Services down a notch in February

EMU: PMI Composite falls slightly in February

UK: PMI Services expands to 51.8 in February

EMU: Annual Retail Sales decline slows down in January

S&P probe could foster financial reform

Osborne losing the fight against bank bonus cap

EC may request changes in budget supervision

European markets up on EMU data and Eurogroup meeting

Euro can’t break the spell around 1.3000

Italian bonds recover a little as bargain hunters step in

US: Redbook Index rose 1.3% MoM

Commodities Brief – Silver breaches 29.00 level, WTI crude falls as Friday payroll data eyed

Forex: USD/JPY holds downside above 93.00

The USD/JPY has been moving down since early in the Asian session, from 93.50 area to 92.92 low, and although the European morning brought the pair back to 93.00 ground not much movement came after that. The pair remains limited under a tight range, around 93.06/25, but at the moment of writing there is a surge of bids that may attempt at extend above the upper side of the band.
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American equity markets surge Tuesday

The US Stock market experienced a definitely positive opening as Tuesday with the sequester in the rear-view mirror and key US employment statistics and manufacturing in sight.
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