SPI futures traded a touch lower than the benchmark ASX 200's last close on Friday.
Hiring in the U.S. rose at its fastest pace in nearly a year in July despite fears over the Covid-19 delta variant and tight labor supply issues.
"The market reacted positively to the strong non-farm payrolls data, with a risk-on move ," said analysts from ANZ Research in a Monday morning note. "The strength of data gives credence to the Fed's view that the labour market will maintain momentum through the summer, even with the concerns around the Delta variant," the analysts wrote, adding that while there is still a long way to go toward reaching full employment, Friday's figures offset some of the pessimism that had been building.China's export growth unexpectedly slowed in July while imports also lost momentum. Exports rose 19.
"Extreme weather conditions and local Covid outbreaks have not helped while supply disruption have also hampered export activity," said Rodrigo Catril, a senior foreign-exchange strategist at the National Australia Bank, in a morning note.Lack of consumer inflationary pressures are "not an obstacle for further policy easing, a topic likely to garner more attention if further economic slowdown becomes evident in the incoming data flow," Catril said.
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