Mark Wall, Chief European Economist at Deutsche Bank, said that the market is about to shift its focus from the European Central Bank's (ECB) last interest rate cut to its first rate hike. On Thursday, the ECB kept the deposit rate unchanged at 2%, which was in line with market expectations. Although money markets expect another 25 basis points cut by the end of the year, Wall pointed out that the current interest rate level may be the terminal rate of this easing cycle.