Here's what's happening in FX ahead of the jobs report

Good morning!

Things are pretty quiet in FX ahead of the US jobs report.

Nonfarm payrolls are expected to have increased by 160,000 in May, the unemployment rate is forecast to have slipped to 4.9%, and average hourly earnings are expected to have grown by 2.5% year-over-year, according to the Bloomberg consensus.

The US dollar index is little changed ahead of the report, hovering around 95.59.

Here’s the scoreboard as of 7:44 a.m. ET.:

  • The euro is little changed at 1.1145 against the dollar after eurozone PMI came in at 53.1 in May, an incremental improvement from April’s 53.0. French services were a standout, hitting a seven-month high of 51.6, while Italian services dropped sharply to 49.8.
  • The British pound is little changed at 1.4421 against the dollar after services PMI came in better than expected at 53.3, above expectations of 52.5. Separately, Reuters reports the Fed may be forced to delay a rate hike at its June meeting “because of mounting concern over the economic fallout from Britain’s vote on whether to leave the European Union.”
  • And for what it’s worth, Bitcoin is surging by 2.5%, up to 538.80 against the dollar. The crypto-currency is up around 170% from its January lows.

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