Morning Bid Europe-Seems payrolls isn't the data you are looking for

Asia was relieved enough to lift the Nikkei 1.1%, while South Korea's KOSPI rose 1.3% and Hong Kong's Hang Seng jumped 2.1%. Wall Street and European futures are practically flat as of writing.

Short-end Treasuries rallied and the yield curve bull-steepened, as investors in long bonds would actually rather the Fed hike to head off inflation.

Oil prices held near six-week highs, with Brent crude futures LCOc1 up 7% this week at $95.52 a barrel. O/

The U.S. dollar's retreat added to a mysterious rally in the yen, which has gained 2.5% this week to 156 a dollar. Some suspect FX checks by Tokyo or even clandestine intervention, while rate-hike expectations for the Bank of Japan are also building.

A BOJ move this month is about 75% priced in, and there is a tightening of 30 basis points expected by October, raising the prospect of either a larger increase or a rare back-to-back move.