The Fed has a meeting scheduled this week with their decision to be announced on August 1.
There are rumours that the Fed will take some action this week after the ECB and the Bank of England take some action on Wednesday or Thursday first. The Fed may need 'air cover' for a decision that is likely to be viewed as political.
I suspect the Fed may wait for the Non-Farm Payrolls Report unless something happens in Europe. Or if they learn of something that we do not know.
The markets are expecting this. If nothing happens, or even worse, something negative occurs, we may see some volume show up, to the downside.