The eurozone PMI figures indicate a significant downturn in economic conditions, with a composite output gauge hitting an eight-month low of 48.9, emphasizing dwindling demand.
The manufacturing sector continues to weaken substantially, leading to reductions in both input and output price pressures, particularly affecting the services sector—crucial for ECB policymakers.
The current economic landscape shows at-target inflation against a deteriorating outlook, suggesting that more substantial ECB measures are now necessary compared to the FOMC.
As the euro continues to struggle, breaking below 1.11 and hitting lows against the GBP, the potential for ECB dovish decisions increases, especially after recent FOMC cuts.
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