Non-Farm Payrolls contracted for the month of July by 20,000, although markets did not react negatively, as 53,000 were Government jobs. Headline unemployment actually went down from 4.2%, to 4.1%, allowing equity markets to see the positive. Shares rallied into the close, as bond yields were softer. The US Dollar was also weaker, allowing the EUR to jump above 1.1550, while the GBP hit 1.3500.Commodity currencies were beneficiaries of the softer reserve, with the AUD charging towards 0.7070, while the NZD looks to regain 0.5900. This coming week will be highlighted by inflation readings and growth.
