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U.S. Fiscal Impasse & Yuan Forward Tweaks In Focus

MARKET TALK

Continued fiscal impasse on the Hill after Friday's generally upbeat rhetoric surrounding the matter (although notably, Senate Majority Leader McConnell remains downbeat on the prospect of any pre-election deal) is applying light pressure to e-minis at the start of a new week, with the 3 major contracts unchanged to a touch worse off at typing.

  • Elsewhere, the USD trades on the front foot, as USD/CNH sits around 4 figures higher after the PBoC's tweak to reserve requirement ratios for FX forwards (see earlier bullet for details).
  • Brexit headline flow via source reports seemingly remains constructive, although some familiar stumbling blocks remain evident, with the French being the hardliners on the fishing rights topic.
  • Little of any real note on the Asia-Pac calendar on Monday, while the U.S. Columbus Day holiday will likely thin out broader market liquidity, even with markets open as normal.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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