Morning all.. Carnage after Draghi disappointed markets and the losses made in the EUR seeped into many other assets as well. EUR posted one of its largest intraday gains on record, rising close to 5 big figures in the wake of the disappointing ECB meeting. The S&P ended down 1.44%, bonds dumped along with the dollar. Dynamics may continue to be unfavorable to the USD. A softish payrolls today could encourage investors to close books for the year, while even a moderately strong reading is unlikely to shift expectations on the trajectory of Fed hikes much. The bigger hawkish surprise would be another firm average hourly earnings reading at 0.3% or 0.4%. Asia has had a busy night as well with the Nikkei down over 2% after the falls on Wall St and China is down 2%. FX has been very busy with the dollar bid again taking EUR back below 1.0900. There is a feeling now that whilst Draghi disappointed the shorts (and positions were hugely one way) what he announced is still significant so a scramble back to sell the EUR was seen. USDJPY held 122.20 again and this is now a significant level on USDJPY.. Oil unchanged as we wait OPEC decision but few see coordinated cuts. One thing we have picked up is a feeling that the weak action by the ECB signals that President Draghi encountered tougher than expected opposition in pushing through more aggressive measures. Since potential discord on the council may be an ongoing impediment to easier policy it could provide lasting support to EUR. A big day for data with the NFP and average hourly earnings data later but this morning we also have Industrial production across the EU.. Good luck..