[B]German manufacturing contracted for the second consecutive month to reach a record low reading of 48.1 from 49.7 in August. Meanwhile, the services PMI contracted for the first time in seven months, which suggest that economic activity may remain subdued throughout the rest of the year. Fading growth prospects for Europe’s largest economy does not bode well for the ECB as inflation remains well above target, and may lead the central bank to soften their hawkish bias as recessionary concerns heighten. Meanwhile, the EURUSD brushed off the negative outlook and bounced higher after falling to an intraday low of 1.4709[/B]