Off Friday's Lows

T-Notes a touch higher after going out around worst levels on Friday, last dealing +0-02+ at 131-01.

• Tsys came under pressure during Friday's holiday shortened session, with a firmer than expected headline NFP print coupled with a larger than expected firming in average weekly hours weighing on the space, even with average hourly earnings disappointing. The unemployment and participation rates met broader expectations, with a downtick in the former and an uptick in the later. Elsewhere, the underemployment rate nudged lower. This mix allowed the Tsy curve to cheapen across the spectrum, with 5s underperforming on the day, cheapening by around 7.5bp come the bell.
• There is nothing of any real note on the regional economic docket during Monday's Asia-Pac session, while widespread holidays in both Asia & Europe will continue to sap liquidity from broader markets.