Themes

· General mood is “risk off”

· U.S. Non-Farm Payrolls largely as expected on Friday

· Hong Kong Closed today

What’s Moving

Very little occurred in Europe, with the market awaiting the release of the U.S. Non-Farm Payroll report. In the end, it was broadly as expected, with payrolls a little higher and the Unemployment rate a little weaker than expected. The market instead focused on the soft Average Hourly Earnings number, which saw a small amount of Dollar selling over the afternoon.

Gold and oil were firmer on the day, while U.S. equities were slightly weaker.

Thoughts

Asian Monday morning trade has kicked off with some light Dollar buying, mainly against the CHF and the CAD, which looks a little like orders being filled.

Hong Kong is again out on holidays today, so expect a relatively quiet one locally.

Asian session data includes:

· Japanese Average Cash Earnings (E: +0.9%), and

· Chinese Trade Balance (E: 339bln)