Credit Agricole CIB Research previews the July US jobs report due on Friday.

"The jobs data was a bit softer in June compared to the prior few months but remains consistent with stabilisation in the labour market. We expect NFP to firm a bit to +75k in July, up from +57k last month and still a solid pace in the current environment in which the breakeven rate has dropped sharply, even if this would still be below the March through May period," CACIB notes.

"Overall, we see this as consistent with stabilisation but not re-acceleration. Elsewhere in the report, we look for the unemployment rate to hold at 4.2% with average hourly earnings rising 0.3% MoM to result in an unchanged YoY pace of 3.5%," CACIB adds.