The tariff truce between the U.S. and several major trading partners is set to expire on August 1. A deal with Japan has already been reached, but talks with the EU, Canada, and Mexico remain active.
In monetary policy, the Federal Reserve is widely expected to hold rates steady at 4.5% during its midweek meeting.
Across the border, the Bank of Canada is also expected to leave its overnight rate unchanged at 2.75%. After cutting rates twice earlier this year, the BoC is seen as entering a wait-and-see phase.
In Asia, the Bank of Japan will announce its decision on Wednesday. While the BoJ isn’t expected to hike this month, recent U.S.–Japan trade progress has opened the door for policy tightening later this year.
Finally, the week concludes with the U.S. Non-Farm Payrolls report on Friday. Economists expect job gains of around 110,000 in July, down from 147,000 in June.
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