It’s a relatively quiet week, with the main highlights being the Eurozone’s preliminary PMIs and the minutes of the latest FOMC meeting. In the political arena, American and Chinese negotiators will meet over the weekend to review the ‘phase one’ trade deal. For markets though, the most crucial drivers will be whether US lawmakers can break the deadlock in the stimulus negotiations, and whether enthusiasm around a vaccine will keep pushing global yields higher, crushing the yen.

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