European Central Bank President Draghi will testify before the European Parliament’s Economic and Monetary Committee a week after the American central bank’s Federal Open Market Committee (FOMC) left rates on hold. The Fed’s inaction leaves the ECB under pressure and could trigger a rate cut as soon as October 10 when the Monetary Policy meeting takes place in Malta.
European factories have shown uneven confidence from purchasing managers. German results have been steady and no surprise from the European economy’s engine, but results from France have been a revelation as they have managed to exceed expectations and managed to print signs of expansion for the first time in 18 months in June before tapering off, but still with expansion in sight.
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