Ahead of nonfarm payrolls the general belief is that implied volatility will increase. This is true, where consus is wrong is when IV peaks. General consus is that it will peak on Thursday just before payrolls are announced. While historically this is true, it has not been true over the last few years. Look at the graph below, what one will notice is that IV has a pattern ahead of Nonfarms.
1. IV starts to rise Monday
2. It rises all the way until midday on Wednesday
3. There is a push to lower IV's, somewhat aggresively on Thursday morning