According to Jinshi Data, Franziska Palmas, senior European economist at Capital Economics, said that the latest PMI data in the euro zone has little impact on the ECB's policy adjustments, but there is still a possibility of another interest rate cut in September.

Palmas said the euro zone's PMI survey for July showed weakness in Germany and an uncertain outlook for France, but continued inflationary pressures offset the weak economy.

“Overall, the survey does little to add clarity to the ECB’s policy outlook for September,” she wrote. “But overall, we still see a September rate cut as more likely than not.”