EUR/USD Lower, Euro Area Labor Cost Rise Slows
EUR/USD is trading at 1.1231, down 0.0014.
The pair is trading rangebound.
The European Central Bank (ECB) reported that hourly labor costs in the Euro Area rose 1 percent year over year in the second quarter following a downwardly revised 1.6 percent rise in the first quarter. Wages and salaries per hour worked rose by 0.9 percent versus 1.7 percent in the first quarter. The non-wage component rose by 1.4 percent versus 1.5 percent in the first quarter. Hourly labor costs went up 0.9 percent in industry, 1.5 percent in construction, 0.9 percent in services and 1.1 percent in the non-business portion of the economy.
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