Themes

• General mood is “risk off”
• U.S.  Initial Claims slightly better than expected at 200k from 210k talk
• Rise in gold helps to support commodity currencies

What’s Moving

It was a quiet session in Europe overnight with the U.K. out on holidays. This saw the market enter U.S. trade little changed early.

US trade opened to strong risk buying amid the surge from the open on U.S. stocks, this saw the AUD and NZD lead the gains, with gold strength adding to the bidon commodity currencies.

The Dollar still managed to hold well against the Yen, which held above 130 for most of the session, before drifting back late.

Thoughts

Well today in Asia is set to be a sleeper, with the Friday effect locally combining with U.S. Non-Farm Payrolls to suck the volatility out of the market.

Local data sees only the Australian AIG Construction Index (E: 50.4).

Pivot Points