It is certainly setting up for a more optimistic day. However, markets will need confirmation from the US jobs report later to validate carrying the conviction from yesterday. Fed policymakers have led us to the idea of skipping rate hikes in June, and we'll see if the data today confirms that narrative.
The dollar is mostly little changed, having seen its recent upside momentum checked back now. The commodity currencies are the lead gainers with AUD/USD up 0.6% to 0.6610 and NZD/USD up 0.4% to 0.6095 at the moment. This comes as the risk mood is holding up, with S&P 500 futures up 0.3% and European stocks looking poised for a more positive open.
