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What mattered last week: The S&P500 rose on optimism that the worst of the economic data is now behind us. As well as an apparent easing in U.S.- China tensions. And a gradual re-opening of economies as new Covid-19 cases appears to have peaked and is falling in many developed countries.

What mattered last week: After strong gains the previous week, U.S. equity markets fell 2.1% as the COVID-19 crisis deepened. However, volatility continues to subside from the extreme levels of March and a reliable measure of overall volatility, the VIX Index has dropped over 45% from recent highs.

What mattered last week: After six straight weeks of gains, U.S. stocks closed marginally lower last week as optimism surrounding the U.S. – China trade deal waned. Fuelled by confusion around tariff rollbacks and the amount of agricultural purchases China will make from the U.S. Data wise a weak composite Eurozone PMI on Friday overshadowed a much needed pick up in the manufacturing sector PMI.

What mattered last week: U.S. stocks rallied for a third straight week, supported by good September quarter earnings reports and increased optimism that we may have seen a low point in global growth. As well as good news on the trade front with President Trump confirming trade talks are progressing well and that China “want to make a deal”. Despite a setback to the Brexit timetable last week most agree that the Boris Johnsons Brexit deal will be passed before year-end.

What mattered last week: Positive news flow continued last week with both China and the U.S. making trade war concessions which helped the S&P 500 close in on its July high. The ECB announced significant monetary policy easing measures which exceeded all expectations, including QE to continue for as long as needed. The removal of National Security advisor and policy hawk John Bolton goes some way to validating reports that President Trump was considering easing sanctions on Iran.

我们在过去24小时里谈到过欧元/美元和澳元/美元的潜在看涨结构，呼应美元指数本身的潜在筑顶形态。美元/日元延续这种主题，似乎越来越倾向于扩大跌势，即使上周五已经暴跌130点子。