ECB’s de Guindos: Further rate increases will depend on upcoming data

European Central Bank (ECB) Vice President Luis de Guindos said on Friday that the economic deceleration in the Eurozone will not be as deep as expected a few weeks ago, as reported by Reuters.

Key takeaways

"Inflation data in November has been good news."

"Inflation in eurozone around mid-2023 will hover around 7%."

"Further interest rate increases will depend on upcoming data."

"We are seeing that inflation is starting to slow down."

Market reaction

The EUR/USD pair showed no immediate reaction to these comments and was last seen trading at 1.0535, rising 0.14% on a daily basis.