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Data published by the Institute for Supply Management (ISM) showed that business activity in the US manufacturing sector declined in August, and the general PMI index fell to its lowest level in three years at 49.1 points and did not meet market expectations - 51.1. The initial reaction of the dollar was a recession. The greenback was under pressure in the EUR/USD pair while the euro recovered to 1.0950 dollars. The report reflects a significant decline in business sentiment. PMI has been steadily declining over the past four months. Demand declined, the index of new orders fell, the inventory index of customers recovered slightly compared to previous months, the index of outstanding orders dropped for the fourth consecutive month.
On the other hand, ECB officials tend to lower rates. Referring immediately to five sources familiar with this issue, Reuters reports that the ECB is inclined to launch a large-scale stimulus package, which will include lower rates and a promise to keep them low for longer. "Many also support QE, but the opposition is complicating the discussion so far," the sources said. Sources also explained that the leadership of the ECB will announce the conditions necessary to reduce the rate, but there will be no emphasis on the date component. EUR/USD is likely to continue to retreat from daily lows.
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