ECB/Nagel: Anticipating the December Discussions

Forex - Bundesbank President and European Central Bank policymaker Joachim Nagel stated that the unexpectedly weak PMI data regarding the health of the German economy only confirms the country's difficult situation and that discussions about the potential magnitude of the next ECB rate cut should be postponed.

Regarding the new PMI data, Nagel mentioned, "They somewhat confirm the overall picture that the German economy has stagnated this year, and the beginning of next year will certainly be complicated."

He added that the new economic projections to be released just before the ECB's policy meeting on December 12 will be crucial in decision-making, and therefore, discussions about a definitive move should wait, even though it is clear that further rate cuts may come next year.