Francesca Palmas, Senior European Economist at Capital Macro, said that the latest PMI data from the eurozone has little impact on the European Central Bank's policy adjustment, but it is still possible to cut interest rates again in September. Palmas said that the PMI survey in the eurozone in July showed that the German economy was weak and the French outlook was uncertain, but persistent inflationary pressures offset the weak economy. She wrote: "Overall, this survey has almost made the outlook for the ECB's policy in September clearer." "But overall, we still believe that there is a greater possibility of interest rate cuts in September."