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EURO: With all final composite and services PMIs now done for the Eurozone, the
figures continue to paint a picture of gradual improvement in new business and
inflationary pressure. The French and Italian figures were a touch weaker in the
final revision, but this has been compensated for by Germany's slightly better
headline. The EUR's relatively unchanged on the data. Support is unsurprisingly
seen ahead of the $1.20 level which held strong yesterday, while resistance is
eyed at the Jan2/Jan3 highs of $1.2066 and $1.2081.