Risk-on persists, resulting in new cycle......>

FOREX: Risk-on persists, resulting in new cycle highs for AUD

- AUD, NZD and growth proxy currencies are outperforming early Friday, with

equities on the front-foot once more. AUD/USD rallied to touch $0.7013, just shy

of key resistance at $0.7032, with haven FX again being hit.

- Risk appetite did take a brief knock mid-morning, with the likes of CNH, AUD

and equity futures shedding some of the morning's strength after a Chinese

MOFCOM statement vowed that countermeasures will be taken against the US'

intention to add Chinese media firms to their foreign-mission list. MOFCOM add

that the US' abuse of export restrictions is benefiting no-one, adding that they

will protect the legal rights of Chinese firms.

- Going ahead, focus turns to the May jobs report. Data headed into today's

figure has fared slightly better-than-expected, with ISM gauges and ADP

employment change all coming in strong. Expectations for today's NFP are for the

US to have shed 7.5mln jobs across the month, although the street looks a little

more pessimistic with a whisper number of circa -9mln. The unemployment rate is

seen inching up to 19.1%.