FXB

The US dollar had one of its best weeks in months.Euro: The single currency fell for the second consecutive week, the first back-to-back loss in Q3.Ahead of the weekend, the Australian dollar, like sterling, traded on both sides of the previous day's range.After rallying almost 10% the previous week, November WTI slid 2.8% to settle a little above $40.

Fitch Ratings affirms the United Kingdom's long-term foreign currency issuer default rating at AA- with a negative outlook.The ratings "balance a high income, diversified and advanced economy against high and

Flash UK composite PMI down from six-year high of 59.1 to 55.7, signals cooling rate of expansion.Manufacturing and services both report slower expansions, latter hit by downturn in restaurants.Jobs continue to be cut at rate not seen for ten years prior to the pandemic, though rate of decline eases.Outlook darkened by rising COVID-19 infection rates and new restrictions.

China continues to harass Taiwan with incursions into its air defense zone. The bullying practice has escalated in the past week or so.European banks took 174.5 bln euros from the ECB's latest Targeted Long-Term Refinancing Operation.In the UK, Chancellor Sunak canceled the fall budget and is expected to present a new jobs support program to Parliament today.

Japan's preliminary September PMI was little changed from October, and the composite remained below the 50 boom/bust level.The French PMI showed a similar pattern to the German report, but a bit worse.The US preliminary PMI is expected to follow the European pattern of a continued recovery in the manufacturing sector and some softness in services.

The U.S. dollar is seeing demand once again as a safe-haven currency.Cases of COVID-19 continue to rise in Europe once again.The ECB may have less scope to extend emergency measures this time around.For this reason, I expect downside in the EUR/USD.

With the number of COVID-19-linked deaths rising in England and Wales for the first time since April, U.K. Prime Minister Boris Johnson announces new restrictions, saying the country has reached

The S&P 500 tumbled for its fourth consecutive, the longest losing streak since February. The dollar strengthened broadly.Asia Pacific shares were lower, led by a 2.4% decline in South Korea and around a 1% loss in China and Taiwan.Gold held yesterday's low near $1882.50. Last month's low was nearer $1863. It is poking above $1900 in Europe.November WTI slipped below $39 a barrel yesterday but has remained above there today and is testing the $40 area.