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Once again, the Non-Farm Payrolls report is more about wages than about job gains. After hitting the highest level since 2009 with 2.9%, an annual wage rise of 3% is just around the corner. Rising salaries could push the Fed to an accelerated rate hike cycle as this would show that the US is now in full employment. Otherwise, the US dollar could remain on the back foot, against most currencies, with the exception of the pound.