Fridays US payrolls was enough to cause a few strategists to change their tapering call to December, however it was the reaction in the market to the strong number that has everyone talking today. After the strong number we saw a spike in the USD and bond yields, however as traders dissected the numbers the consensus trades (or the one's you'd expect to do well or badly on a good non-farm payrolls) reversed course. AUD/USD rallied and has continued its move high in early Asia trade thanks largely to a strong Chinese export print released on Sunday. At 11:30 we get ANZ job ad's, while in China we get the latest read on Chinese CPI and the market expects a slight slowdown to 3.1% (from 3.2%). A number above 3.2% could send the AUD lower. AUD/USD bulls will be wanting to see a break of 0.9168 for a sustained move.

Chris Weston

its finding solid buyers on any moves to $1200. Tapering isn't tightening and all. Fed funds Dec 15 didn't even move - the fed will love that and gold bugs will like it

Jordan Eliseo

not to mention bullion mate - a lot of people would have expected to see gold crushed off back of last week's news culminating in payrolls. Might just be a short lived reprieve for the bulls though