The ZEW index for measuring business confidence in Germany recorded a decline of about 6.2 points in the July survey, to reach -14.7, while it was expected to decline to -10.7 points.

The decline in the index of economic confidence in the largest economy in the euro zone reflected the rise in expectations of rising interest rates in the euro zone and the United States of America, in addition to the expected economic slowdown in China.

On the other hand, the index concerned with the euro zone declined to -12.2 points, down by about 2.2 points, compared to a decline of about -10 in the June reading, while expectations had indicated that it would decline to -10.2, while the current situation index fell to -44.4, a decrease of 2.5 points.

On the other hand, figures released this morning from the Office of National Statistics in the United Kingdom showed an increase in the unemployment rate by 0.2% in the period between March and May of this year, reaching 4%, while the employment rate was estimated at 76% in the same period, an increase of 0.2%.

The average total salary or wages, including bonuses, reached 6.9% in the period from March to May, while it recorded 7.3%, excluding bonuses, to record its highest reading since mid-year 2021.

The euro is trading, while the sterling pound is trading at 1.2885 levels, with gains of more than 0.17%, after it tested 1.2915 levels after announcing the labor market numbers, as these numbers support further tightening of monetary policy and raising interest rates from the Bank of England.