EUR/USD is edging toward session lows at 1.2691 as Chicago Fed president Moskow says further rate hikes may be necessary. Moskow has been consistently hawkish but dealers had little time for his view given expectations for a slowing economy.
Friday's employment report suggests the economy is not slowing as quickly as feared and highlighted the fact that rising labor costs are a major concern at the Fed. Central bank bids are expected to limit dips near-term; they are seen from 1.2690 down to 1.2675. Stops are seen at 1.2660/70.
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