Themes

• General mood is “risk off”
• Australian AIG Construction Index dips to 50.4 from 55.9 last
• All eyes tonight on U.S. Non-Farm Payrolls  

What’s Moving

A very quiet start to a session that didn’t promise much in Asia today, with China and Hong Kong again on holidays and with the key U.S. data due later tonight. The early going saw tight ranges, with a defined offer on the Dollar, which was weaker against most of the majors.

The AUD/USD hit a fresh seven-week high as it closes in on 0.7300. Then the AIG Construction Index printed weaker than expected at 50.4 and caped the upside for the move.

Expect another quiet session in Europe tonight, with the U.K. on holidays. The overnight session will focus on the U.S. Non-Farm Payrolls and little more than position adjustment is expected ahead of that release.

Data tonight includes:

• German Trade Balance (E: 5.6bln)
• French Industrial Production (E: +0.2%)
• Euro-zone Final Services PMI (E: 56.3)
• Euro-zone Retail Sales (E: +0.3%)
• U.S. Unemployment Rate (E:3.5%)
• U.S. Non-Farm Payrolls (E: 325k)
• U.S. Average Hourly Earnings (E: +0.4%)