"The drop in unemployment to a historical low confirms continued strong resilience in labour markets, which is broadly in line with the December 2023 staff projections," European Central Bank (ECB) executive board member Isabel Schnabel said on social media Platform X on Monday. 

"As inflation falls, we continue to expect a gradual decline in wage growth in 2024," Schnabel added in response to a question about wage inflation.

Market reaction

EUR/USD showed no immediate reaction to these comments and was last seen gaining 0.06% on the day at 1.0938.