NASDAQ index leads the way to the downside
The major indices are closing lower on the day but did rebounded into the close which eased some of the downside pain.

Forex futures positioning for the week ending October 27, 2020.
– EUR long 156K vs 166K long last week. Longs trimmed by 10K
– GBP short 7K vs 2K short last week. Shorts increased by 5K 

Forex news from the European morning session – 30 October 2020
Headlines:
Markets:
– GBP leads, CHF lags on the day
– European equities mixed; E-minis down 0.6%

Bloomberg reports on the matter
The report says that the UK’s drug regulator has begun accelerated reviews of the coronavirus vaccines that are under development from Pfizer and AstraZeneca.

Latest data released by Eurostat – 30 October 2020

Latest data released by Eurostat – 30 October 2020
The outlook for Q4 looks grim amid tighter virus restrictions and that takes away a lot of the „feel-good“ factor from the last quarter. If anything else, it reaffirms the narrative that the economy cannot quite go back to normal while keeping the health crisis at bay.

Latest data released by Eurostat – 30 October 2020

Are we looking at a repeat of the dollar melt up in 2016?
The straightforward one being „buy everything, sell the dollar“ of course, but once the euphoria begins to fade.

WTI down by another 4% to $35.80, its lowest since mid-June
The drop in oil yesterday was bad but things are looking worse from a technical perspective today, as we see price break below its 200-day MA (blue line) and now threatening a fall below its 8 September low @ $36.13.

Comments by ECB banking supervision member, Kerstin af Jochnick
Adding that „the baseline scenario of our projections cannot be taken for granted“. This could be a personal opinion but it also reflects the downside risks to the outlook, which I would expect to be brought up by Lagarde in her press conference later today.