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Looking ahead, the focus turns to January’s preliminary set of Eurozone PMI figures, with consensus forecasts calling for narrow improvements.

The region-wide composite PMI reading is expected to rise to 48.5 in January from 48.3 in the previous month, meaning both the manufacturing and service sectors shrank at a slower pace.

While this hardly sounds like something that ought to make investors overly cheerful, the results offer a bit of additional fodder for the corrective Euro rebound to continue as over-stretched net-short positioning is unwound ahead of next week’s EU leaders’ summit (which likely explains the sanguine response to continued impasse on Greek PSI negotiations ).

Speculative bets on Euro weakness hit another record high last week according to data from the CFTC.

Source.