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Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

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Equities trade on a more solid footing early Monday. Stock markets in Europe are higher by 0.8-1.5% while the E-mini S&P is higher by 40 points or so. Currencies are broadly non-directional, with the USD index inside last week's range, although the haven JPY is a touch weaker. CAD, NZD outperform slightly.

GBP was softer from the off, with the currency underperforming all others in G10 at the NY crossover following the announcement of a month-long lockdown effective Thursday to run until the beginning of December. While the move mimics others seen in France & Germany, Monday's GBP moves clearly show a lockdown wasn't seen as a done deal in the UK. GBP/USD bottomed out at 1.2855 this morning, the lowest since October 7th.

October Manufacturing ISM data as well as Construction spending cross, but broader focus remains on the coming US election, Fed rate decision and Friday's NFP release.

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