Miners are topping the UK 100 this morning (up 2 to 7%) as the commodities space benefits from a weaker US dollar basket, back below the key 95 level for first time in a fortnight. The currency’s reversal of recent strength comes in response to Friday’s surprisingly weak May US jobs report that must be considered a setback for Janet Yellen and her motley crew on the FOMC in terms of ability to tighten US monetary policy further this summer.

While the disappointingly weak number of job additions and sharp drop in unemployment may well prove aberrations, with next month seeing a balancing rebound, other data points remain a concern. Earnings growth may have picked up but PCE (its preferred inflation measure) remains sub-target. A raft of poor regional manufacturing surveys are very much at odds with an uptick in US ISM Manufacturing. And ISM Services has fallen to its lowest in more than two years.

If the Fed Chair had hoped for a relaxing weekend away, Friday’s data must have put paid to that with today’s scheduled speech requiring more than a gentle redraft. Markets will be expecting hear a tempering of recent hawkishness about a summer rate rise being ‘possible’. A rate rise is always possible, but it really would be a surprise for markets that have already reversed their bets. Post OPEC, with a Saudi stance seen as less aggressively stubborn, note a buoyant Oil price back around $50 also helping out.