“Two things are infinite: the universe and human stupidity; and I’m not sure about the universe.”
– A. Einstein
A Friday without payrolls is a mistake – lack of activity and zero excitement on the trading floor. Softer volatilities, while counter-intuitive giving the political backdrop, likely associated with shallower market activity. E.g. in FX average futures turnover fell under last year’s average in September (Figure 1), potentially even lower last week
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Nordea