JP Morgan on the European Central Bank - watch wages data

The European Central Bank held rates steady on Thursday:

• ECB leaves key interest rates unchanged in January monetary policy meeting
• Lagarde opening statement: Risks to economic data remain tilted to the downside
• Lagarde Q&A: The consensus was that it was premature to discuss rate cuts
• ECB's Lagarde major comments during press conference bucketed by topic. EURUSD lower.

Comments from JP Morgan on what the ECB needs to see:

• "It's not a surprise that the ECB held rates steady today, especially as speakers have been fairly clear that they need to see more confirmation that inflation is moving sustainably back to its target."
• "That jives with the recent push-back against market pricing. The wage data due to be released in June is probably the variable to watch from our end."

Print that pic out and stick it to the fridge for ECB data to watch this year.