Analyst Enda Curran said the oil-price rout had already prompted markets to brace for large swings in inf data, but the labor-market narrative now needs revision as multiple, interacting dynamics play out in the economy.

President Trump said Micron Technology (MU.O) is directly investing in U.S. workers and families.

Gold hit a daily high in European trade and extended a steady rebound after a modest dollar pullback, but remains capped inside the prior session's range as elevated Fed rate-hike expectations and geopolitical risk support the dollar. Traders are sidelined ahead of US nonfarm payrolls. CME FedWatch prices about a 64% chance of a September Fed hike and roughly an 85% chance of at least one hike by year-end. Fed chair Kevin Warsh reinforced the 2% inflation target in remarks Wednesday. Technically, gold trades below the 100-period moving average, reinforcing a near-term bearish bias.