The dollar and yen continued to hold firm, although both softened as European stock markets and U.S. equity index futures rose moderately. There remains a tremulous vibe in global markets in the face of a plethora of risks — billowing new Covid cases, especially in Europe, and associated trend toward increasingly stringent countermeasures, an increasingly bleak near-tern outlook for a much-needed fiscal stimulus package in the U.S., the risk of the upcoming U.S. election being contested, and the drama of the climaxing Brexit endgame.

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