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20th Aug 2025 12:07EurozoneDaily Monitor

  • The PMIs suggest higher US tariffs are weighing on export orders, as we expected… 
  • ...But the EZ economy is still resilient; the composite PMI edged up to a 15-month high in August. 
  • Price pressures rose again, implying the risk to our call for an ECB rate cut in September is for no cut.

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Keywords for: 22 August 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence