The German ZEW number was ugly enough yesterday, and today’s PMI data could make things look worse. The eurozone’s services sector is expected to slip below 50 for the first time since mid-2025, putting it back into contraction. That leaves the European Central Bank in an awkward spot heading into next week’s meeting: inflation is still running too hot to justify cutting rates but growth is too fragile to hike. A weak reading today would add to the pressure on the euro.
GBP/EUR: the past year
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