Given what we have seen from the PMI data and what not, it's hardly a surprise. As Europe's largest economy, Germany has been struggling hard and that has led to brewing worries at the ECB. In particular, the manufacturing sector continues to suffer from a recession with no brighter prospects on the horizon yet.Looking to ECB pricing, traders have priced in ~99% odds of a 25 bps rate cut for this week. This article was written by Justin Low at www.forexlive.com.
Germany, Europe’s largest economy, is facing a tough time as shown by recent PMI data. The manufacturing sector is in recession, causing concerns for the ECB.
Traders expect a near-certain likelihood (around 99%) of a 25 basis point rate cut from the ECB this week.
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