The major currency pairs consolidated in the New York session amid a dearth of market moving US economic reports. The dollar gave back some of its gains versus the euro and sterling as traders take to the sidelines ahead of key central bank interest rate decisions tomorrow.

The US data released today included preliminary Q4 labor costs, which reversed the previous quarter’s 2.0% decline, increasing by 2.1%.

Meanwhile, productivity slipped to 1.8% from 6.3%, albeit outpacing estimates for a steeper decline to 0.4%.