Trumps trade agenda and the recent North Korea news continued to dot the weekend news flow. The remarkable turn of events in North Korea has sent a wave of positivity through the region, but there remain many obstacles to overcome, but on the surface, any talk is a good talk between these political nemeses. Oil markets rallied sharply after the stellar US jobs reports which rocketed the S&P higher and in general sparked a wave of global risk-on trade. But oil traders are banking on the stronger than expected jobs reports to translate into higher oil product demand. Finally, oil bulls cheered on the Baker Hughes reports which indicated the number of oil drilling rigs fell by four to 796 last week.

Inflation worries faded on Friday after U.S. data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 percent after a spike in January. The pullback in wages tempered speculation the Federal Reserve would project four rate hikes – or dot plots – at its policy meeting next week, instead of the current three. The jobs news likewise lifted riskier currencies, including the Mexican peso and Canadian and Australian dollars, while weighing on the safe-haven yen.