It’s Columbus Day
Everyone is waiting in anticipation of US-China news but we’re not likely to have all the details until after markets are closed for the week.
The additional complication is that Monday is a holiday in certain markets. In the US it’s Columbus Day and that’s a federal holiday. However both the Nasdaq and New York Stock Exchange are open so it will be a normal trading day for stocks. The CME is also open.
The exception is in fixed income. SIFMA, the Securities Industry and Financial Markets Association, has recommended that the bond market be closed.
The holiday means that there is no US economic data or central bank speakers. The Congress is also not in session.
In Canada, markets will be completely shut. It’s the Thanksgiving holiday and that means skeleton staffs, which could add some volatility in the Canadian dollar, which is the second-best performer today after the pound.