European Central Bank (ECB) Vice President Luis de Guindos said on Wednesday that wage pressures remain high in the Euro area and noted that they do not yet have sufficient data to confirm they are starting to ease, per Reuters.

"We are heading in the right direction but we must not get ahead of ourselves," de Guindos added. He also acknowledged that heightened geopolitical tensions, especially in the Middle East, could raise energy prices and disrupt global trade.