Sterling gets a lift as EUR/GBP falls by 0.5% to 0.9050
This comes as EUR/GBP is sliding to a fresh session low of 0.9050 as price action there takes out both key hourly moving averages @ 0.9064-67 respectively, after hitting a near-term double top close to the 0.9100 handle.

Comments by Ifo economist Klaus Wohlrabe
The active virus cases across the country has doubled from 50,000 to over 100,000 in just 10 days with over 250 districts now deemed as ‚high risk‘ areas.

Coronavirus daily numbers from Europe:
That’s a new record for Italy/France and the others are all very close. Expect the weekly pattern to show lower numbers on Mon/Tues and then pick back up on Wednesday.

Lots of high profile names to announce earnings this week
The earnings calendar for the week will ignite with a broad range of some of the biggest of the big names.  On Thursday alone we get all the FAANGs sans Netflix (which disappointed with their subscriber numbers this week), but Facebook, Amazon, Apple, and Google is

An ICYMI on the Swiss National Bank and the campaign being waged in Switzerland to ban it from investing in defence companies.
The vote is on November 29.

People’s Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai: 
Report comes via . 
—
China has plans to promote the yuan’s use as a reserve currency. 

Brazil’s President Jair Bolsonaro said last week China lacked the creditability to develop a cure for the coronavirus.
Whoops. 
Now a Sao Paulo research centre, partnered with China’s Sinovac Biotech Ltd, was granted “exceptional” permission to bring six million doses fo the COVID-19 drug into the country for phase three trials.

Forex news for North American trading on October 23, 2020:
Markets:
– Gold down $2 to $1902
– US 10-year yields down 2 bps to 0.836%
– S&P 500 up 12 points to 3465 (down 0.5% on the week)
We may have settled into a pre-election lull as it was a day of ebb and flows but not much conviction.

S&P keeps the UK steady
Last week Moody’s downgraded the UK to Aa3, which is the equivalent of AA- in S&P terms. Fitch is also at AA-.
S&P is not dissuaded by Brexit and mounting debt, evidently.

Forex news from the European trading session – 23 October 2020
Headlines:
Markets:
– AUD leads, GBP lags on the day
– European equities higher; E-minis up 0.2%