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A bit of a heavy start for XM, with the contract shedding 2.0 ticks vs. post-Sydney closing levels to last deal -4.5, printing 98.750, re-testing the overnight lows. It looks like Friday's post-NFP momentum has spilled over into Sydney dealing, given the lack of meaningful local developments. Note that Friday's post-Sydney trade saw the contract break through key support in the form of the Aug 12 low (98.760), with any meaningful break of 98.750 set to open the way to the July 6 low (98.495), although our technical analyst has suggested that the outlook for the contract remains constructive for bulls, with moving average conditions still pointing higher.