Bull runs for bullion, crude oil, the yen and European debt stalled today as investors faced questions on the strength of the global economy and the outlook for corporate earnings.
US consumer confidence data and revisions to second quarter growth data are issued later today, but it is next week's data, including US payrolls and numbers from the Institute of Supply Management, which hold the greater test for investors.
"These are key metrics of progress in the US economic recovery," said Deutsche Bank currency strategist Mr Trevor Dinmore.
"But another factor boosting the importance of next week's payrolls in particular is politics. Given that the weak labour market is integral to much of the US political pressure on the US dollar, these potentially headline-grabbing numbers are particularly important," he said.
Crude oil, which went more than a dollar higher on Wednesday on OPEC output cuts, was edging lower and by early this morning, November Brent was trading 23 cents lower at $26.53.
Gold, which had pushed through seven-year highs to $393.30 per ounce, was trading lower as profit-taking set in, but analysts said today gains should resume with prices seen over the $400 an ounce barrier.