Inflation in the eurozone continued to cool off in July, according to data released today.
Today’s figures show, European inflation fell to 5.3% in July, which is lower than the 5.5% registered month prior.
Despite this, core inflation, not including food and energy prices remained unchanged from June with a 5.5% reading in July.
Last week the European Central Bank moved to hike rates by 25 basis points, citing high levels of inflation.
As of writing, EURUSD is trading at 1.0993 following earlier highs.
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S&P 500 consolidates, ahead of Apple/Amazon earnings
S&P 500 index benchmark was largely unchanged on Monday, as markets prepared for a big week of earnings reports.
Apple and Amazon will report their earnings for the second quarter of the year later this week.
Last week, Meta and Alphabet released better-than-expected financials, with forecasts for the rest of the year also positive.
This comes as consumer confidence in the United States continues to increase, with the University of Michigan sentiment report climbing to a 2-year high this month.
Currently, the S&P 500 is up 0.16%.
Economic growth in Saudi Arabia slows
In Saudi Arabia, economic growth slowed in the second quarter, as the impact of crude output cuts and a decline in oil prices hurt GDP.
Gross Domestic Product climbed by an annual rate of 1.1% in Q2, down from 3.8% in the first quarter of the year.
In addition to this, it was also significantly lower than the 11.2% growth sum recorded in the same period of 2022.
Non-oil industries grew by 5.5% in the second quarter, as the Kingdom looks to diversify its economy.
Last year, the IMF dubbed the Kingdom the fast-growing country in the G-20.
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