STARTRADER Monday’s Market Update 31-07-2023

Christine Lagarde, the President of the European Central Bank, has expressed strong optimism about the recently released Gross Domestic Product (GDP) figures for the second quarter in France, Spain, and Germany. These figures have been highly encouraging, providing positive signs for the economic outlook in the region.

As anticipated by the ECB, the bank decided to raise the interest rate by approximately 25 basis points last Thursday, bringing it to 4.25%. This is the highest rate recorded since October 2008.

On Wall Street, the Dow Jones index ended a 13-day winning streak on Thursday, the longest uninterrupted streak since 1987. Markets are awaiting several important economic data releases this week, including the Bank of England’s interest rate decision next Thursday, as well as non-farm payroll numbers and unemployment rates in the United States.