Bank of America Global Research previews the US May jobs report on Fridayu.

"May Jobs: We look for another upside NFP surprise (95k forecast vs. 85k consensus) with risks to the upside, and an unchanged unemployment rate of 4.3%. Education & health should continue to lead, followed by trade & transport and leisure & hospitality," BofA notes.

"Fed: Comfortably on hold, in line with our forecasts. Recent Fed-speak has leaned hawkish, but we expect the U-rate threshold for hikes is closer to 4.0%.

FX: USD paralyzed by geopolitical headlines recently, but a strong report could reassert," BofA adds.