The European Central Bank (ECB) published its indicator of Eurozone negotiated wage data for the first quarter of 2024 on Thursday.
The data shows that Eurozone negotiated wages increased at an annual rate of 4.69% in the first quarter of 2024, after recording growth of 4.50% in the last quarter of last year.
Market reaction to data on negotiated salaries in the EU
The increase in negotiated salaries in the EU fails to move the needle around the Euro, as the EUR/USD maintains its rebound near 1.0835 intact, adding 0.13% on the day.
On the ECB indicator of growth in negotiated wages
The ECB's negotiated wage growth indicator is calculated only for a subset of countries. The Eurozone aggregate is based on nine countries: Germany, France, Italy, Spain, the Netherlands, Belgium, Finland, Austria and Portugal. The indicator is based on monthly traded earnings data. The eurozone indicator is based on a mix of monthly and quarterly time series and non-harmonized country data.
Source: Fx Street
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