Euro declines against US dollar due to ECB rate cut expectations and weak eurozone PMI data.

The euro declined against the US dollar on Monday, influenced by weak eurozone business activity data and expectations of interest rate cuts from the European Central Bank (ECB). The eurozone's PMI fell to 48.9, signaling contraction, while US business activity remained stable. Analysts predict further euro depreciation, with potential ECB cuts looming. In contrast, US economic indicators suggest a steady outlook, bolstering the dollar's strength.

September 23, 2024
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