The script flipped overnight. June's non-farm payrolls came in at 57,000 — less than half the 113,000 economists expected — while April and May were revised down by a combined 74,000 jobs. That single data point has yanked the Federal Reserve's rate-hike narrative off the table, sending shockwaves through currencies, commodities, and equity markets worldwide.

Trade Routes

• US Dollar: On track for its biggest weekly drop since early April. The dollar...