The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Head of FX Strategy
Summary: US equity futures displayed considerable volatility during the presidential debates overnight first spiking slightly higher before falling sharply later after the end of the debate, perhaps as Biden put in a sharper performance than expected in what was deemed a chaotic debate, making it less likely that his considerable lead in the polls will falter in the end-run into the election. The USD and JPY edged slightly stronger and the gold rally faltered at the key 1900 level.
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