WTI is still being held down by $93 for now, especially with less than two months to go until the midterm elections. There’s still pressure, as long as things don’t escalate further, it should be fine. Plus, according to U.S. media: 'On Monday, 17 million barrels of oil passed through the strait, and on Tuesday, 18 million barrels.' No word yet on Wednesday’s numbers. If this gets officially confirmed, it could lead to a drop in oil prices. As mentioned yesterday, the upward momentum might not be that strong. High oil prices are something no one in the world wants to see. Alright, back to the non-farm payroll data coming up at 8:30. The key is to see how the September rate hike expectations shift after the data is released. If both figures meet expectations, it won’t have much impact on the September rate hike outlook. If the unemployment rate is lower than expected and employment is higher than expected, it indicates a strong economy, and rate hike expectations will rebound, which is bearish for the market. If employment is lower than expected and the unemployment rate is higher than expected, rate hike expectations will continue to decline. However, if the unemployment rate is significantly high, the market might start worrying about recession risks. If recession expectations start being priced in, the market will drop. Ideally, we’d see employment come in below expectations and the unemployment rate slightly above expectations, say around 4.2%. This would cancel out rate hike expectations without triggering recession fears, which would naturally boost the market. So, keep an eye on how the September rate hike expectations shift after the data. Try not to gamble on the data itself. Of course, unless there’s a major issue, the bigger market driver will still be the CPI data on 8/11. DYOR