Eurozone business activity marches to high of over 2 1/2 years.

Eurozone composite output PMI has climbed to a 31-month high of 53.2 in January from 52.1 in December and surpassed forecasts of 52.4, with the manufacturing and services sectors improving nicely. However, "the upturn remains fragile, "Companies cut employment again, and selling prices continued to fall amid still-weak demand. Deflationary forces are clearly a concern in many countries." The euro was +0.65% at $1.3635 at the time of writing.