Early on Thursday, EUR/USD is trading close to a two-month low in anticipation of ECB’s meeting due to take place later today. At the time of writing, EUR/USD is trading at around 1.113.

Disappointing manufacturing PMI reports from the Eurozone, especially from Germany – one of Eurozone’s leading economies, dented the sentiment further and signaled a weakening in the region’s economic growth. Germany’s manufacturing sector contracted at the fastest pace in seven years during June, while France’s manufacturing sector reached stagnation.

Investors have now turned their focus to the European Central Bank’s meeting to see if it will cut rates, especially in the wake of such weak economic data. The Euro has lost 2% of its value against the US dollar so far over concerns of ECB easing the monetary policy to support its economy.