Data-wise, a calm macro calendar had no directional impact on markets. Of the limited releases to mention, the most recent US initial unemployment claims remained at 208k,
On the currency front, classic safe havens were in demand despite the European session’s slight risk aversion. The dollar, yen, and Swiss franc were all on the front foot. However, the dollar gave up its gains overnight.
The main focus of today will be the April US labour market data. The job market has loosened marginally in recent months, although it remains tight overall.
This pattern is expected to continue, with payrolls increasing by 243k, the unemployment rate remaining at 3.8%, and average wages growth decreasing to +4.0%. y/y