Good morning all, PJ, HLL..Here's an overnight market update:>...

Good morning all, PJ, HLL..
Here's an overnight market update:

> The Australian SPI 200 Mar 10 futures contract was down 11 points or 0.2% to 4464.

> And the Australian bond futures moved in line with US Treasuries. The implied yield on 3-year bond futures was down 3bps to 4.710% (price up 3bps to 95.290) and the implied yield on the 10-year bond futures lost 3bps to 5.430% (price up 3bps to 94.570).

> Meanwhile the US equities were initially lower on Friday but later pared losses on speculation that the European Union may come up with a solution for budget deficits in Greece and Spain. The DJIA was up 0.1% to 10012, the S&P 500 rose 0.3% to 1066 and the Nasdaq was 0.7% higher at 2141.

> And the European equities continued to decline for the third consecutive day on concerns that efforts by Greece, Portugal and Spain to reduce their deficits would hurt the regions economic recovery. The DJ Euro Stoxx 50 fell 2.8% to 2632, the German DAX lost 1.8% to 5434 and the FTSE was 1.5% lower at 5061.

> It was a positive night for the USD on Friday after a report showed US jobs unexpectedly fell in January. EUR/USD fell to an eight-month low amid concerns that a widening budget deficit would dampen the prospects of a faster recovery and opens Monday morning above 1.3700. GBP/USD dipped to a low of 1.5559 overnight later paring gains to open marginally higher at 1.5650. USD/JPY opens around 89.40 after a choppy session on Friday.

> And the AUD rose marginally against major crosses overnight despite concerns that the budget deficit in the euro-zone would dampen the demand for higher yielding assets. AUD/USD hit a high of 0.8718 overnight however declined marginally to open at 0.8700 on Monday morning. AUD/EUR opens at 0.6345 gaining marginally on Friday. AUD/JPY opens at 77.67, trading above 78.00 overnight and the AUD/NZD cross opens at 1.2616 making steady gains on Friday.

> While the US bond yields were lower on Friday as concerns about increasing budget deficits in Europe and an unexpected fall in US payrolls data increased the appeal of safe haven assets. The yield on 2-year notes dipped 4bps to 0.763%, whilst the 10-year yield fell 4bps to 3.565%.

> And crude oil fell to its seven-week low as the US dollar surged on speculation European efforts to reduce deficits would curb growth, prompting the sale of commodities. WTI futures contract for Mar 10 dipped 2.7% to US$71.19 a barrel.

> Also Spot gold fell to a three-month low overnight as the US dollars rally reduced demand for the precious metal as an alternative investment, but later pared losses to close marginally higher. Spot gold fell 0.1% to US$1,053.20 an ounce.

> The US corn and soybeans declined 0.7% and 0.1% as the US dollars rise reduced the appeal of commodities as an alternative investment. Wheat fell 0.5% as buyers opted for supplies from other countries that are cheaper compared with those from the US. Sugar dipped 5.3% as budget gaps in Europe spurred speculation that the global economic recovery may falter. Palm oil futures ended 0.4% higher.

> And finally, LME copper decreased 1.7% to US$6,280, a three-month low, on concerns that US job losses and European budget gaps may stifle a global economic recovery. Other base metal futures traded negative with zinc, aluminium, lead and nickel decreasing 4.0%, 3.1%, 1.5% and 3.8%, respectively.

Should be a positive week..Good luck to all traders!