AUDJPY
The news earlier that Chinese officials this week are expected to come with an offer to the US that doesn't include anything on industrial policy or subsidies resulted in AUDJPY gapping lower.
The question from here will be: will an interim deal come at the end of this week or will there be disappointment again? The strong elements of the NFP data on Friday was supportive for risk, but if the chance of a US-China trade deal recedes then risk will sour. Right now, we are in the balance. The markets, didn't say 'yes' and didn't say 'no', didn't say 'stop' and didn't say 'go'. It's a new start to the week as well which is always a chance for the market to re-set and re-focus on which narrative is the big driver.
