After publication of satisfactory Ifo index, attention of European investors turned to the Eurostat data. It seems that data of labor costs and changes in the level of wages in the euro zone gave not so positive effect on the price of the EUR as could be expected.
The annual change in average wage in the euro area in the third quarter of this year was 1.6%. The value in line with expectations and at the same time higher than the published value of the previous quarter of 0.9%. This publication is important for investors because of influence which have salary levels on change in the level of inflation.
Another report published at 11:00 was the Eurostat report concerning the average cost of employment in the euro area. Rate in annual terms went up to 1.5% in the third quarter of this year (1.9% in the European Union). The largest decline in labor costs has Croatia. The highest growth rate was recorded in turn in Romania.
EURGBP
Pair remains in broad downward channel which is continued since morning.
