US: Employment Cost Index rises by 1.2% in Q1 vs. 1.1% expected

• US Employment Cost Index rose more than expected in Q1.
• US Dollar Index clings to strong daily gains above 102.00.

The data published by the US Bureau of Labor Statistics revealed on Friday that the Employment Cost Index, compensation costs for civilian workers, increased by 1.2% in the first quarter. 

This reading followed the 1% growth recorded in the previous quarter and came higher than the market expectation of 1%.

Market reaction

The US Dollar Index, which tracks the US Dollar's performance against a basket of six major currencies, preserves its bullish momentum after this data and was last seen rising 0.6% on the day at 102.10.