ECB's Lagarde: We are not there yet on rate cuts, need more data

European Central Bank (ECB) President Christine spoke with CNN on Tuesday. Lagarde did not provide a timeline for interest rate cuts, but emphasised that wage data would be crucial in determining when to start monetary easing. 

Key quotes

“We need to be further into the disinflationary process before cutting rates.”

“The next move will be a cut.”

“Wage data is critically important.”

Market reaction

At the time of writing, the EUR/USD pair is trading higher at 1.0845, adding 0.01% on the day.