Eurozone Preliminary Manufacturing PMI rises to 48.8 in January vs. 48.5 expected

• Eurozone Manufacturing PMI arrives at 48.8 in January vs. 48.5 expected.
• Bloc’s Services PMI rises to 50.7 in January vs. 50.2 expected.
• EUR/USD defends mild gains near 1.0870 on the upbeat Eurozone PMIs.

The Eurozone manufacturing sector downturn eased further in January, the latest manufacturing activity survey from S&P Global research showed on Tuesday.

The Eurozone Manufacturing purchasing managers index (PMI) arrived at 48.8 in January vs. 48.5 expectations and 47.8 last. The index reached a five-month top.