The dollar remains relatively unchanged against major currencies as the market anticipates the upcoming US jobs report. Despite two G10 central banks cutting interest rates ahead of the Federal Reserve's next meeting and the forthcoming market-sensitive CPI data, the dollar has been trading heavier than expected.
Equities are mostly down today, with US index futures remaining steady, showing a weekly increase of 2.0%-2.5%.
Gold has experienced a significant downside reversal after the People's Bank of China (PBOC) did not purchase gold last month for the first time in 18 months. Meanwhile, July WTI crude has extended its recovery from a four-month low of $72.50 seen on Tuesday, reaching a four-day high near $75.65 today.

Asia Pacific Markets
Japan reported a 0.5% rise in household spending for the 12 months ending in April, marking the first year-over-year increase since last February. Since May 15, following the release of the April US CPI, the dollar has fluctuated within a 1.5-yen range around JPY156.00. Despite a more than 35 basis point decline in the US 10-year yield since May 30, the yen has seen limited benefit. Today, the dollar is consolidating around JPY155.00.
The Australian dollar remains within the $0.6600-$0.6700 range.

European Markets
The European Central Bank (ECB) delivered an interest rate cut, as expected. Updated forecasts indicate no significant improvement in CPI, with May's preliminary estimate at 2.6% and the year-end estimate now at 2.5%, up from 2.3%.
The euro is trading flat at the upper end of its range ahead of the US employment data, despite disappointing German industrial production figures.
Sterling is in a narrow 20-tick range, mostly below $1.28.

American Markets
The US labor market continues to show signs of gradual slowing. If the median forecast of a 185,000 gain in nonfarm payrolls proves accurate, it will mark the first consecutive months of sub-200,000 growth since November-December 2018, excluding the pandemic period.