Markets are quiet ahead of payrolls, with most of the G10 currencies consolidating vs the USD, with the exception of fun-damentally-driven weakness in EUR and outperformance in AUD follow-ing the release of the RBA’s quarterly Statement on Monetary Policy. The broader market tone is mixed, with equity futures hinting to modest gains as gold softens while the U.S. 10Y yield consolidates just above 1.80%. Commodities are divergent, with gains in oil prices offset by an accelerating decline in copper. Focus through the NA session will center on the U.S. employment release (discussed below), with voting Fed dove Lockhart scheduled to speak at 12:45pm EST.
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