Wage Costs y/y (EUR) comes in at 3% against 2.7% consensus

Eurozone Wage Costs year over year for the period ending 2026-09-16 printed at 3%. This figure came in above the market consensus forecast of 2.7%, representing an 11.1% surprise versus expectations. The previous reading for this indicator was 3.4%.

Measured market reaction across EUR pairs after 15 minutes showed varied movement. EURNZD rose 12 pips, while EURCHF gained 2.8 pips, and EURUSD was up 1.8 pips. Other pairs like EURAUD rose 2.4 pips, EURCAD rose 1.2 pips, EURGBP rose 1.0 pips, and EURJPY rose 1.3 pips. These initial moves are generally small when compared to the typical median 1-hour moves observed after past releases, which range from 3 pips for EURGBP to 8 pips for EURAUD, EURNZD, and EURJPY.