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Why this Friday is key for August

A "now hiring" sign is posted outside a store in San Francisco.
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Markets will likely start taking notice of the presidential election in August, but the most important catalyst for the month may simply be Friday's jobs report.

Data is key for markets after last week's disappointing initial read on second-quarter GDP sent mixed signals about U.S. economic growth. In the next few weeks, the most scrutinized data release will be the jobs report, which could confirm the U.S. economy is healthy and support the 's case for raising rates sooner rather than later.

"The past month we saw a meaningful move in nonfarm payrolls," said Andres Jaime, global FX and rates strategist at Barclays. "In order for September to be back on the table, this report needs to confirm the three-month trend is above 150,000."