US jobless rate drops, surge in employment; Brazil heads to polls; Hong Kong braces for Monday; AU-China FTA deal on knife-edge; oil sharply lower; NZ$1 = US$0.776, TWI = 76.3

Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news of a whole range of tussles reaching a climax.

But first, on Saturday the American unemployment rate and employment levels were reported.  US employers ramped up hiring in September and the jobless rate fell to a six-year low, bolstering bets the Federal Reserve will begin lifting interest rates in mid-2015.

Total nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9%. Not only were these better than the markets were expecting, the August data was revised higher as well. There is some momentum building in the US labour markets although neither the participation rate nor pay levels are improving much yet. But there are more people employed and markets liked that.

The immediate impact was to bid up the US dollar - and Wall Street rallied.

Moving south, up to 140 million Brazilians headed to the polls today, capping the first round of an unpredictable and often acrimonious presidential campaign.

And speaking of acrimonious. the Hong Kong protests are continuing - what is happening there could unsettle and reorient the Asian ambitions of a number of the big Aussie banks. Shanghai may seem a more stable base for them as China uses the instability to draw them in.

Back in Australia, their negotiations with China over a free trade agreement are near the final stage. The Aussie government is now demanding the same sort of deal New Zealand has "or they will walk away".

Also on a key trade negotiation, officials from the United States and the European Union say they have made progress as they seek to sweep away trade barriers. Teams from the two sides are ending a week of discussions in the US. If successful an agreement would create the world's largest free trade zone.

Note that it is a public holiday in Australia today, their Labour Day.

In New York, UST 10 yr yields rose slightly on Friday to 2.44%.

And the oil price fell yet again and ended the week under US$90/barrel with the Brent price down as well and just on US$92/barrel. 

Gold also fell sharply and is now at US$1,191/oz.

We start today with our currency lower against the US dollar but level pegging against most others. The NZD was down more than 1c to 77.6 USc, is at 89.6 AUc, and the TWI is at 76.3. 

If you want to catch up with all the changes on Friday we have an update here.

The easiest place to stay up with today's event risk is by following our Economic Calendar here »