EUROPEAN SESSIONIn the European session, we don't have much on the agenda other than a couple of low tier releases like the French trade balance and Swiss consumer confidence. The data is not going to change anything for the respective central banks, so the market reaction will be muted. AMERICAN SESSIONIn the American session, we get the US NFP and Canada's jobs data. The NFP is expected to show 80K jobs added in July vs 57K in the prior month and the unemployment rate to remain unchanged at 4.2%. The average hourly earnings y/y are expected at 3.5% vs 3.5% prior, while the m/m measure is seen at 0.3% vs 0.3% prior. The US jobs data up until now has been relatively solid with no notable signs of weakness, so a slightly soft or strong report shouldn't really change much for the Fed. The Fed is focused on inflation right now, so the US CPI will be more important for the September decision. I think the average hourly earnings data will be more important today than the headline number. Canada's employment report is expected to show 20K jobs added in July vs 18K in the prior month and the unemployment rate to remain unchanged at 6.5%. The data is unlikely to change much for the BoC as the trimmed-mean CPI has recently fell below the 2.0% mid-range target. The central bank remains attentive to risks on both sides of the mandate but it's leaning slightly more towards the dovish side. CENTRAL BANK SPEAKERS14:00 GMT/10:00 ET - Fed's Barkin (neutral - non voter) This article was written by Giuseppe Dellamotta at investinglive.com.