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3 Aug 2021

ECB Bulletin: Wages bounce post-covid, but growth uncertain – MNI

According to the European Central Bank's (ECB) latest Economic Bulletin, “employee pay should rebound strongly in the second quarter of 2021 following a dramatic drop in growth in the second quarter of 2020 as a result of the covid crisis,” MNI reports on Tuesday.

Additional takeaways

“With upward base effects strongest in those high-contact service sector jobs hit hardest by lockdown restrictions.”

“More generally, per employee compensation developments will normalize over the coming years.”

“But it is unclear whether sectoral wage negotiations will aim to make up for pandemic-related losses, a process which could add to wage growth.”

EUR/USD reaction

more to come ....

Aug 3, 2021

FX option expiries for August 3 NY cut

FX option expiries for August 3 NY cut at 10:00 Eastern Time, via DTCC, can be found below. - EUR/USD: EUR amounts 1.1840-50 1.3b 1.1880 398m 1.2000 8

Fed’s Bullard sees a more volatile economic “regime” emerging in US due to the pandemic

“Pandemic may have opened new "regime" of higher productivity, higher inflation, and higher volatility,” St. Louis Federal Reserve (Fed) President Jam