We are off to a risk-on start to the....>

MARKET TALK: We are off to a risk-on start to the week, with U.S. equity index

futures creeping higher. The Nikkei 225 futures are also pointing to a higher

open. Better risk appetite is evident across the G10 FX space, which sees

commodity-tied FX outperform at the cost of safe havens, with GBP also faring

well. T-Notes hold a tight range as we await the re-open of cash trade.

- Early risk-on feel stems from a particularly upbeat NFP report released out of

the U.S. on Friday. In addition, the decision from OPEC+ to extend their output

cuts by one month have pushed crude prices higher at the start to the week.

- On the data front, China's trade surplus (reported over the weekend) surged to

a record high in May on the back of a slump in imports. That said, crude imports

reached an all-time high as China's economy re-opened. Exports shrank less than

expected, aided by solid medical sales. 

- A public holiday in Australia will limit liquidity in AUD crosses today.