There were broad-based gains on global markets in Friday night’s session, which came as somewhat of a surprise following a mostly disappointing US jobs report.
It seemed investors were set for another torrid sell-off after data revealed the US economy added 113,000 jobs in January, well shy of the 185,000 jobs expected by economists.
However the mood on Wall Street brightened considerably after the US jobless rate fell to a five year low of 6.6% due to more Americans entering the workforce.
US markets scored weekly gains of around half a percent each, a stunning turnaround from earlier in the week when the three major indices had plunged more than two percent.
In commodity markets, gold tallied its third consecutive gain as the weak US jobs report led some traders to reassess their 2014 outlook for Fed tapering.
Oil capped off a stellar week with a two percent jump and briefly rose above $100 a barrel for the first time this year.
Crude was supported mostly by the risk-on trade, fuelled by the late week rally in equity markets.
In currency markets, the greenback’s mixed performance against its major rivals was influenced by the similarly mixed US jobs report.
Elsewhere, the Aussie ended a remarkable week in which it soared more than two percent against the US dollar, after the RBA signalled quite strongly that it was done cutting interest rates.
There is no major economic data due for release today.