* US dollar rebounds after slumping to 15-year low vs yen
* Oil slips after earlier 5-month high on weak dollar
* Treasuries eke gains on uncertain payrolls report
* Global stocks slip on dollar despite Fed easing view (Adds close of U.S. markets)
By Herbert Lash
NEW YORK, Oct 7 (Reuters) - The U.S. dollar rebounded after sliding to a 15-year low versus the Japanese yen and commodity prices erased gains that pushed gold to yet another new high on Thursday as traders bet momentum had swung too far, too fast.
Oil slipped from a five-month high above $84 a barrel, copper tumbled and gold, on course for its largest one-day slide in a month, extended losses as the dollar strengthened. For details see:[ID:nSGE69607M] [ID:nLDE6960UJ][ID:nLDE6960OM]
The dollar slumped to an all-time low against the Swiss franc while the Australian dollar surged to a 27-year high against the U.S. currency, driven by expectations the Federal Reserve will boost money supply to help the anemic economy.
Earlier in Europe, the Bank of England and the European Central Bank both held interest rates pat, reinforcing the notion the Fed is closer to further quantitative easing than other central banks, a move that would knock the dollar lower.
The dollar
"It's been the same story, the dollar goes down, assets are all inflated -- gold, oil, stocks," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
Global stocks mostly edged lower with the exception of the tech-rich Nasdaq, which eked out a small gain, as investors took stock of the currency rout and whether it contradicted economic fundamentals. [ID:nN07167782]
The Dow Jones industrial average <.DJI> closed down 19.07 points, or 0.17 percent, at 10,948.58. The Standard & Poor's 500 Index <.SPX> was down 1.91 points, or 0.16 percent, at 1,158.06. The Nasdaq Composite Index <.IXIC> was up 3.01 points, or 0.13 percent, at 2,383.67.
Trading in Tokyo was poised to open lower, with the December futures contract that trades in Chicago for the Nikkei 225 <0#NK:> down 25 points at 9,680.
Investors turned cautious after PepsiCo Inc
The thinking is a weak report would spur the Fed to embark on a new stimulus program for the economy.
"This one unfortunately gets into the realm of economic psychology," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
Oil prices fell almost 2 percent as a recovery by the dollar prompted commodities investors to book profits ahead of the U.S. jobs report. [ID:nSGE69607M]
U.S. crude for November delivery settled $1.56 lower at $81.67 a barrel, after hitting a session peak of $84.43.
ICE Brent in London ended down $1.63 to $83.43 a barrel.
"Crude futures prices are coming back down to earth in a delayed reaction to the bearish government report of a large build in crude inventories last week," Phil Flynn, analyst at PFGBest Research in Chicago, said.
Gold retreated 2 percent from a new record high of $1,364.60 an ounce when the euro rose at one point to an eight-month high above $1.40.
U.S. gold futures for December delivery
Prices of short-dated U.S. Treasuries gained slightly on expectations that Friday's U.S. payrolls data will auger for further quantitative easing by the Fed. [ID:nN07556162]
Data showing new U.S. claims for unemployment benefits unexpectedly fell last week to the lowest in nearly three months did not alter the view the economy is struggling.
"People are speculating that tomorrow's number could be weak enough to validate the speculation about quantitative easing," said David Coard, head of fixed income sales and trading at Williams Capital Group in New York.
The two-year Treasury note
The benchmark 10-year U.S. Treasury note
The dollar was up against a basket of major currencies, with the U.S. Dollar Index <.DXY> up 0.08 percent at 77.445.
The euro
The MSCI index of Asia Pacific stocks outside Japan was up 0.2 percent <.MIAPJ0000PUS> to the highest since June 2008. Japan's Nikkei share average <.N225> slipped 0.1 percent but for the week was still up about 3 percent. (Reporting by Angela Moon, Steven C. Johnson, Gene Ramos, Ellen Freilich and Frank Tang in New York; Writing by Herbert Lash, Editing by Chizu Nomiyama)