The latest news out of turmoil surrounding Trump’s son, son-in-law and the Russian lawyer that is suspected to have offered the two men information about Hillary Clinton during the presidential race. Today a grand jury issued subpoenas for everyone involved in the scandal.

To add insult to diplomatic injury, the U.S. is still going through with their sanctions against Russia, and Russia in-turn seized two U.S. Embassy compounds and stripped 755 U.S. embassy staff members.

This in combination with the scheduled release of the Non-farm Payroll – has created a perceived instability that boosted gold slightly after it had a relatively consistent week. On the other side of that correlation though is a continually weakening dollar, that only managed to strengthen against other currencies that weakened concurrently.

As we can see this is a rare situation in which the consensus actually is on par with the forecast. This indicates towards a conservative stance even from the authority that defines and announces the NFP, thus we can assume that markets will respond (likely negatively) to this. The significant discrepancy between the 222,000 level of June, to the 183,000 forecast will also likely have impact on market sentiment.

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Other events to be on a lookout for is:

  • U.S. Unemployment Rate for July at 12.30 GMT
  • Canada’s Change in Employment for July at 12.30 GMT
  • Canada’s Unemployment Rate July at 12.30 GMT

The Non-farm Payroll announcement is also scheduled for 12.30 GMT.

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