How have interest rate expectations changed after this week's events?Eurozone retail sales fall in July as consumer spending softensStop making this mistake when looking at the economic calendarWhat is the distribution of forecasts for the US NFP?USD/JPY bounces near the major 155.00 support; pullback or the start of a rally into new highs?FX option expiries for 4 September 10am New York cutWhat are the main events for today?It's been a pretty quiet session, with no notable news or data releases. The Eurozone retail sales report showed a decline in July, pointing to softer consumer demand. The volume of retail trade fell by 0.6% m/m in July, reversing the 0.2% increase recorded in June. On an annual basis, however, retail activity remained slightly positive. Compared with July 2025, Eurozone retail sales increased 0.6%, while sales across the EU rose 1.0%.The monthly decline was driven primarily by weaker demand for non-food products, where sales dropped 1.4% in the Eurozone. Sales of automotive fuel also fell 0.8%, while spending on food, drinks and tobacco provided some support with a 0.4% increase.In the markets, the price action has been mostly rangebound ahead of the NFP report. We've seen some upside in equities and downside in oil, but the moves have been negligible. In the American session, we get Canada's jobs report and the US NFP. Canada's employment change in August is expected at 15K vs 75K prior, with the unemployment rate seen steady at 6.4%. The data is unlikely to influence Bank of Canada's policy outlook, as the focus remains on inflation. Nevertheless, a very strong report could give the CAD a boost following the more hawkish than expected BoC rate decision.The US NFP is expected at 56K vs -23K prior, with the unemployment rate remaining unchanged at 4.1%. Average hourly earnings y/y is expected at 3.0% vs 3.2% prior, while the m/m measure is seen at 0.3% vs 0.1% prior. The CPI will be more important given that it will decide whether the Fed hikes in September or stays pat at least another month. This means that the market reaction will likely be limited if the jobs data is in-line or a bit weaker/stronger than expected, as it won't change anything for the Fed. We will likely need very strong/soft data to move the market meaningfully. This article was written by Giuseppe Dellamotta at investinglive.com.