20 March 2023, EUR/USD
EURUSD trading plan:
Euro zone labour costs jumped in the last three months of 2022 and third-quarter data was revised up as well, but the rise of the wage component was still roughly half the increase in consumer inflation, fresh data showed. The European Union's statistics office Eurostat said labour costs in the 19 countries that shared the euro in the last quarter of 2022 rose 5.7% year-on-year, with wages up 5.1% and non-wage labour costs up 7.7%. Euro zone wages grew fastest in construction, up 6.5% in the fourth quarter against the same period of 2021, followed by services, where pay rose 5.7% with industry up only 4.4%.ECB policymakers have said that wage growth in the 5-6% range this year still only represented a catch-up after inflation eroded the real value of incomes, but such wage growth was still inconsistent with the ECB's 2% inflation target.
Investment idea: buy 1.0630 and take profit 1.0720.
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