Morning Update – 08/08/16 – by Arjun Lakhanpal

Morning all.. Wall St made another record high Friday, closing up almost 1% after stronger Non-farm Payroll data which suggests the economy may be strong enough to take another hike from the Fed. Hotter than forecast average workweek hours, hourly earnings and participation rate suggests this report was of genuine quality, said some analysts. Yields and the dollar rose. U.S. Yield Rises to 4-Month High Versus Peers; Aussie Bonds Fall – Treasuries fell, increasing the extra yield 10-year notes offer over their Group-of-Seven peers to the highest in four months, after U.S. employers added more jobs than economists forecast.  Overnight UK consumer spending picks up in July, bucking signs of slowdown – Visa – Seasonally-adjusted spending increased by 1.1 percent, the strongest month-on-month gain since January, reversing a 0.5 percent decline in June. But the monthly data are volatile. Taken together, the last three months suggested consumers remain careful with their spending, Visa said “July’s data suggests that UK consumer spending is holding up despite the ongoing uncertainty following the referendum, albeit at lower levels of growth than we’ve seen in the last couple of years.. GBP a little weaker as we walked in. Asia markets advanced after the strong close on Wall St with the Nikkei up 2.4% and USDJPY rallied somewhat tto make a high of 102.26 at one point. Iron ore and copper both higher, which kept AUD bid. In Australia, the ASX 200 was up 0.83 percent, with the heavily-weighted financials sub-index advancing 1.34 percent. Very little data at the start of the week as is usual after NFP data.. Good luck..