According to Jinshi Data, ING analyst Chris Turner said in a report that the euro zone manufacturing and service purchasing managers' index (PMI) data may further weaken the euro.

Turner noted that the European Central Bank cut interest rates for a second consecutive time last week, and ECB President Christine Lagarde said the PMI data could be important in the central bank’s decision.

Eurozone October PMI data will be released on Thursday. Turner said that if the PMI data provides more evidence of eurozone economic weakness, the euro/dollar EUR/USD may remain weak between 1.08 and 1.09.