European session markets were topped by the release of UK employment data which showed wage growth started to moderate in January.
According to data released by the Office for National Statistics (ONS), wages excluding bonuses were reported to have increased by 6.5% compared to 6.7% in the three months to December.
Meanwhile, total wages increased 5.7% year-on-year in the period from November to January, slower than the 6.0% recorded previously.
The UK unemployment rate remained unchanged at 3.7%, better than expectations for a rise of 3.8%.
While the rate of wage growth is seen to remain strong, when adjusted for inflation, base wages fell by 3.5%, the biggest drop since records began in 2001.
Meanwhile, total wages fell by 4.4% in real terms, the biggest drop since early 2009.
As a result, it indirectly supports the expectation that the Bank of England (BOE) will stop its interest rate hike.
Following the data, the pound trade did not show a significant reaction by remaining traded hovering at a 3-week high against the weaker USD.
