Themes

· General mood is “risk off”

· Chinese market closed for a public holiday today

· Australian Job Advertisements

What’s Moving

A very quiet open to the week in Asia this morning, with a lack of clear directional cues from New York on Friday combining with a Chinese public holiday today to suck out activity in Asia. The Euro opened to some small buying interest this morning, but the rest of the majors held flat.

By the end of the Asian session, inside ranges were seen across the board in the majors. Gold caught some selling action just after Tokyo lunch while some light buying of oil was spotted.

A research note from Barclays calling or the NZD to outperform the AUD kept the NZD’s chin up.

Not really expecting much to start the week in offshore trade, with little in the way of major data and with BoE Governor Baily set to speak.

Data tonight includes:

· German Trade Balance (E: 11.3bln)

· Canadian Building Permits (E: 6.9%)

· U.S. Factory Orders (E: -0.5%)