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Today’s release of PMI data confirmed what we already suspected: the Eurozone economy is struggling, implying that a faster pace of rate cuts is warranted from the ECB, which, in turn, should mean a weaker euro. Indeed, a day after taking out the 1.0500 psychological level, the EUR/USD plunged further into the negative for the year, dropping below 1.0335, before bouncing back somewhat. Against a backdrop of weakening economic data, looming tariffs from the US in 2025 and a struggling Chinese economy (bad for Eurozone exports), the euro outlook remains negative, putting pairs such as the EUR/USD and EUR/JPY into focus – the latter having just formed a bearish technical signal. Later in the day, we will get the US PMIs, as well as Canadian retail sales figures.
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