EUR/USD: Rebound Stalls after Rise in US Wages

A 1% rise in US wages and benefits is helping stall the EUR/USD recovery this morning. Prices had edged up to 1.2710 ahead the data, but rising wages and benefits adds to the Fed's discomfort over high core inflation. Dealers appear more concerned with month-end flows than data this morning. Strong US financial markets this month could put a bid under the USD at the fixing at 16:00 GMT. EUR/USD trades at 1.2701.