Euro Weakens as Eurozone PMI Data Looms: Impact on EUR/USD

1 day ago

ING's Chris Turner has suggested in a report that the preliminary Purchasing Managers' Index (PMI) data for the eurozone's manufacturing and services sectors might further weaken the euro. Turner noted that the European Central Bank (ECB) recently reduced interest rates for the second time in a row, with ECB President Christine Lagarde emphasizing the PMI's potential significance for the bank's future decisions.

The eurozone's PMI data for October is anticipated this week. Turner highlighted that if the data further confirms economic downturns in the region, the euro could remain weak against the dollar, likely trading between 1.08 and 1.09 USD. Currently, the EUR/USD rate is down 0.1% at 1.0851 USD.

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