Tuesday's session saw a certain come-back in risk aversion, with the single currency recovering some of the previous day's losses, and rising by 0.54% to the 1.3571 euro level.

Long-term Eurozone periphery bond yields fell back.

The ISM's non-manufacturing index registered a reading of 55.2% in January, 0.5 percentage points lower than the seasonally adjusted 55.7% registered in December.

The US dollar index was little changed, down by just 0.04%.

Of interest, French Premier Francois Hollande told the European Parliament that there could be no "a la carte" attitude to the EU.

More constructively, and speaking at the German Council on Foreign Relations, a Berlin-based think tank, Pier Luigi Bersanai, the man that some polls indicate could become Italian Prime Minister after this month's elections, vowed to continue economic reforms credited with restoring his country's credibility.

The dollar/yen, on the other hand, continued its recent strong run-up, fast approaching the 95 yen resistance area despite current overbought readings.
Cable was edged higher but continues to be on a clear downwards path towards support at 1.56. That ahead of Thursday's testimony by Bank of England Governor-in-waiting Mark Carney before the Treasury Select Committee.

The UK service sector returned to growth in January fuelling optimism that the economy would not fall back into recession. The Markit Purchasing Managers' Index (PMI) for services rose to 51.5 from 48.9 in December, when the sector contracted for the first time in two years.

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