Summary

• After recovering in the North American afternoon for the second consecutive session yesterday, the dollar has been sold again in Asia and Europe today.
• Ahead of the US jobs report, the Fed funds futures have about two basis points of tightening discounted for this year, down from nearly eight at the beginning of the week.
• The dollar is mostly softer, and the drubbing of the UK’s Labour Party and the surprising drop in German industrial output failed to have much market impact.
• Gold is consolidating with a firmer bias today but below yesterday’s two-week high near $4765.

After recovering in the North American afternoon for the second consecutive session yesterday, the dollar has been sold again in Asia and Europe today. The market has mostly shrugged off news of new hostilities

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