- EUR/USD rises on sheer weakness in the US Dollar ahead of the US NFP data. By itself, the Euro (ECB) exhibits a mixed performance against its major peers as traders aren’t sure about the European Central Bank (ECB) interest rate path for the remainder of the year.
- The ECB is widely anticipated to cut interest rates again in the September meeting. The central bank started the policy-easing process in June but kept its key borrowing rates unchanged in July. For the last quarter of this year, traders remain split on whether the ECB will cut in the November or December meeting, or in both of them.
- Economists at Bank of America (BofA) said in their latest viewpoint on the Eurozone: "We still see more cuts in 2025/26 than the markets are pricing, with a return to a deposit rate of 2% by 3Q25 (at the latest) and to 1.5% in 2026." BofA analysts said that the recovery in the Eurozone remains fragile and will likely be shallow, pressured by several economic factors including slowing growth in China as well as political factors.
- Further evidence of economic struggle came from the Eurozone’s two largest economies. Industrial production in Germany fell 2.4% on month in July, much more than the 0.3% decline expected by economists. In France, Industrial Output fell by 0.5%.
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