Earlier in the day, China posted an impressive trade performance for April, with exports surging 32.3% from a year ago as global demand for Chinese goods remained strong due to the slow reopening of the global economy.
In the EU, German industrial production rose notably in March, both month-on-month and on a yearly basis. The EURUSD pair jumped toward the 1.21 level.
Precious metals continue to rally as US real yields fell to a new swing low, boosting demand for inflation havens.
Later in the day, ECB President Christine Lagarde is due to speak about the global economy at The State of the Union 2021 in Florence.
However, the most volatility will surely come after the US labor market data.
The US economy is forecast to have created 978,000 jobs in April, up from 916,000 in March. That would mean two near-one-million prints in a row. The unemployment rate should improve further to 5.8% from 6.0% previously.
Moreover, the Canadian labor market data will also be released.