ECB Economic Bulletin: Survey data point to weakening global economic activity at the turn of the year

In an Economic Bulletin article published on Thursday; the European Central Bank (ECB) offered updates on the economic, financial and monetary developments in the Euro area.

Key highlights

The Governing Council's future policy rate decisions will continue to be data-dependent and follow a meeting-by-meeting approach.

Survey data point to weakening global economic activity at the turn of the year, following robust growth in the third quarter of 2022. 

Price pressures remain strong, partly because high energy costs are spreading throughout the economy.

Wages are growing faster, supported by robust labour markets, with some catch-up to high inflation becoming the main theme in wage negotiations. 

Market reaction

EUR/USD has shrugged off the release of the ECB’s Economic Bulletin. The pair is adding 0.21% on the day to trade at 1.0709, as of writing.