On August 3rd, this week, the U.S. added only 73,000 non-farm jobs in July, far below expectations, and the data for May and June was significantly revised down. Additionally, Federal Reserve Governor Quarles will resign next week, allowing Trump to appoint a favored candidate in advance.

Perhaps influenced by the above news, the CME 'FedWatch' saw the probability of a 25 basis point interest rate cut by the Federal Reserve in September soar to 80.3%. Before the non-farm data, this figure was only 41.3%.