Market Commentary Headline NFP release surprised to the downside with a 173K print vs 217K expected, although average weekly wages picked up pace to 0.3%m/m from previous 0.2%. Notwithstanding the drop in jobs added, the wage number ties in well with the recently released Beige Book which reported signs of tightening labour market in several districts, which added support to the potential for a September move by the FOMC. Over the weekend, G20 nations agreed that global growth is still below expectations and “pledged decisive actions” to keep economy recovery on track. They also promised to avoid competitive devaluations. EUR was marginally firmer amidst the decline in equities despite ECB QE talk last Thursday. With the ECB ready to do more this could
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