Job creation slumps in May; unemployment rate at 4.3 percent

The consensus forecast is that the data will show jobs growth of 185,000 in May, following an increase of 211,000 in the previous month, while the unemployment rate is forecast to hold steady at 4.4%, its lowest level since 2007.

Still, investors continue to give both the economy and President Donald Trump's administration the benefit of the doubt, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. Consequently, oil prices fell today.

"The rest is kind of this noise, the monetary policy, what's going on in DC", Arone said, referring to Washington. Germany's DAX index also set new highs.

On Wall Street, the three major USA indices set intraday highs.

The Dow Jones Industrial Average rose 135.53 points, or 0.65 percent, to end at 21,144.18, the S&P 500 gained 18.26 points, or 0.76 per cent, to 2,430.06 and the Nasdaq Composite added 48.31 points, or 0.78 per cent, to 6,246.83.

The greenback fell to seven-month troughs against euro and Swiss franc, while sliding from a one-week high versus the yen.

"This number is not the kind of report that derails the Fed from raising rates in June", said Tom Porcelli, chief US economist at RBC Capital Markets in NY. He noted, however, that the Fed's plan to push rates higher repeatedly later this year now looks far from certain.

The US dollar index was down by 0.4% at 96.77 at 9:02 a.m. ET after drifting little changed ahead of the report.

Against the yen, the USA dollar fell to two week lows and last changed hands at 110.44 yen, down 0.8 per cent.

Brent crude dipped below $50 and headed for a second week of losses on worries Trump's decision to abandon a climate pact could spur US drilling and worsen a global oil glut.

The Brent futures LCOc1 fell 0.8 percent to $50.24 per barrel, near its three-week low of $49.81 set on Wednesday. U.S. West Texas Intermediate crude futures fell 52 cents to $47.84 per barrel.

Wall Street futures pointed to a slightly higher open on Friday as investors looked ahead to the publication of the monthly employment report, while oil tumbled more than 2% on concerns of increasing USA shale oil production.

Overnight, data showing a healthy uptick in private sector hiring and factory activity during May bolstered expectations that the US economy was picking up speed and lifted USA stocks after two days of losses.

IHS Markit's Manufacturing Purchasing Managers' Index for the euro zone rose to 57.0 in May, up from April's 56.7 and its highest level since April 2011.

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