Friday's risk-on impetus, fuelled by a........>

FOREX: Friday's risk-on impetus, fuelled by a surprisingly upbeat U.S. NFP

report, has carried over into today's Asia-Pac session. Commodity-tied FX have

drawn additional support from the OPEC+ meeting, which resulted in a month-long

extension to the group's pact on output cuts. The likes of AUD, NZD, NOK, SEK &

GBP are bid, while safe havens have retreated. That being said, JPY has trimmed

its earlier losses, leaving USD at the bottom of the G10 pile. Japan's final Q1

GDP figures were revised higher (as expected), but still showed contraction.

Elsewhere, Australia observes a market holiday today.

- USD/KRW opened on a softer footing, pressured by the broader risk-on mood. The

rate threatened to break below the psychological KRW1,200.00 figure at the

re-open of onshore trade, but has pulled back from worst levels.

- USD/CNH is range-bound after Sunday's release of China's record-high trade

surplus, which surged on the back of an above-forecast slump in imports, coupled

with a smaller than expected fall in exports.

- Focus turns to Japanese Eco Watchers Survey, German industrial output,

Canadian housing starts and comments from ECB President Lagarde.