Canada's employment change showed a loss of 30.6 thousand jobs in July for another month, after another 43.2 thousand loss in the previous reading, while analysts expected a 14.2 thousand addition.

Canada's unemployment rate steadied at 4.9% in July, same as June, the lowest on record, and beating estimates of 5%.

Euro declined in European trade against dollar as investors shun new positions ahead of the US jobs data for July. 

Euro hit four-week highs earlier this after data showed resilience in the European economy against the pressures from the Ukrainian war.

EUR/USD fell 0.2% to 1.0225, after rising 0.8% yesterday, the first profit in three days, following weak US data.

European Data

Recent European data showed the European economy grew way more than expected in the second quarter, while inflation hit record highs.

Europe's economy grew by 0.7%, up from 0.6% in the first quarter and beating estimates of 0.2%.

European inflation surged to 8.9% in July, a record high, above estimates of 8.7%.

Such data bolstered the case for a 0.5% rate hike by the ECB in the next meetings, after already hiking it by 50 basis points in July. 

US Data

Investors await crucial data on US labor sector later today, with the payrolls report expected to show the economy added 250 thousand new jobs, down from 372K in June, with unemployment expected at 3.6%.

Estimates

If US labor data proved strong, it'll bolster the case for a 0.75% hike by the Fed in September, in turn boosting the dollar against the common currency. 

Oil prices declined in European trade for another session with US crude hitting six-month lows while Brent plumbed three-week lows amid concerns about US demand. 

Global Prices

US crude declined 1.3% to $89.65 a barrel, the lowest since February 18, while Brent shed 1.8% to $95.40 a barrel, the lowest since July 14.

US crude fell 3.2% on Wednesday, while Brent shed 2.9% after OPEC + decided to hike production next month.

US Stocks 

Official US data showed crude inventories rose 4.5 million barrels to 426.6 million barrels last week, while analysts expected a drawdown of 1.4 million barrels.

Gasoline stocks rose 0.2 million barrels to 225.3 million barrels, while distillate stocks fell 2.4 million barrels to 109.3 million barrels.

US production steadied last week unchanged at 12.1 million bpd, the highest in two years.

OPEC Plus 

OPEC + in association with Russia increased output by 100 thousand bpd in September, which supplies the market with much needed relief, however in a slower pace than previous months.