Analysts at National Bank Financial (NBF) note the most important piece of news in the U.S. will be June’s non-farm payrolls.

• “While jobless claims edged marginally higher in the month, they remained indicative of a very low rate of layoffs. Hiring, meanwhile, may have remained relatively subdued judging from Markit’s flash composite PMI report which showed private sector employment advancing at the weakest pace in just over two years.
• Still, we’re calling for a slight acceleration in employment creation to 150K, a level above what the Atlanta Fed considers sufficient to absorb new entrants to the labour market and keep the unemployment rate steady over the long term (+110K/month).”