Trading Insights: Stop complaining, the world is wealthier

Source: World Bank 31/7/2023 7:30 UTC

The above chart illustrates the Gross Domestic Product Per Capita growth of the world vs the United States and Europe.

Market Talk:

The citizens of the world have been getting wealthier and higher inflation is just part of the progress

• Gross domestic product (GDP) per capita measures how prosperous a country is.
• Traders and investors use GDP per capita to get insights into global “wealth” developments and trends.

Euro Stoxx 50 - Bullish Rectangle Pattern?

The below chart suggests the potential completion of a bullish rectangle pattern.

Technical commentary:

EUSTX 50 (Euro Stoxx 50 Index) current price €4,467 and the resumption of the prevailing October 2022 - April 2023 uptrend could have been restarted after the multi-month of sideways price action (see chart). The break above the €4,447s suggests the completion of the bullish rectangle pattern formation (see chart). Upside prospects for an extension towards €4,550 can not be ruled out. Downside risk seen below the €4,220s.

Today’s economic calendar

German retail sales increase year-on-year

• Germany 40 CFD moved higher on the better than expected retail sales, the Germany 40 (DAX index) bullish cycle seems to be holding

Source: TradingView / J. Knobel July 31 2023 6:33 AM UTC

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