The first week of September was really about the last two days. Thursday held an important European Central Bank (ECB) monetary policy decision with heightened expectations given ECB President Mario Draghi's remarks this summer to "do whatever it takes" to save the euro. Meanwhile, Friday's employment report was seen as the key for determining whether the Fed would implement QE3 at its September meeting.

Given the pending events, Tradeweb volume over the first two days back from the Labor Day holiday averaged just 75%, but jumped to well above normal on the final two sessions as the ECB and non-farm payroll news sent the markets on a wild ride. 

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