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Ranges
for major FX rates were subdued as Asia-Pacific traders were content
to await the US jobs report due at 8.30am US Eastern time.

News
flow was very light, as was data flow. We did get another poor data
point in the August wages information from Japan. Real wages in
August declined for a 17th month in a row. This is important as the
Bank of Japan has persistently been emphasising that sustainable wage
rises is a prerequisite for deciding whether and how to dismantle its
ultra-loose monetary stimulus. Household spending data was down y/y
also.

The
Reserve Bank of Australia released its latest Financial Stability
Review, taking note of a small but rising share of Australian
households in the early stages of financial stress.

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Asian
equity markets:

  • Japan’s
    Nikkei 225 -0.25%

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  • China’s
    Shanghai Composite % … China is on holiday all this week

  • Hong
    Kong’s Hang Seng +2.2%

  • South
    Korea’s KOSPI +0.3%

  • Australia’s
    S&P/ASX 200 +0.7%

NFP coming up later:

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