Just caught the latest US labor numbers and they're actually pretty solid. Initial jobless claims came in at 207k, which is lower than what most were expecting. Continuing claims sitting at 1.818 million, basically right where forecasts had them. This kind of data usually gets the dollar some attention since it signals the economy's still holding up pretty well.

What's interesting is that oil prices were climbing yesterday too, which had rates moving higher alongside it. The Fed's Williams has been talking about stagflation risks from prolonged disruptions, so there's definitely some concern in the background, but these employment numbers aren't painting that picture right now.

Today's supposed to be quiet on the economic calendar, but we've got a few Fed speakers lined up before they go dark at midnight - Daly, Barkin, and Waller are all scheduled to speak. Barkin's commentary will probably be worth watching given the mixed signals we're getting. Meanwhile everyone's keeping an eye on what's happening in the Middle East heading into the weekend. Pretty typical week where employment strength is propping up the dollar narrative.