That is likely to make for a slow and quiet session in European morning trade as well, even if regional markets may be open. In the US, all markets are closed so it is pretty much a long weekend in general for markets across the globe.
But once we get back into the thick of things tomorrow, just be wary of month-end trading conditions that could exacerbate volatility. And in case you missed the weekend headlines, the US debt ceiling deal was done here and the can is kicked down the road once again. I highlighted last week:
"Whatever the case is, I'm inclined to think that this will once again get resolved come what may - as it has been the case in every other instance in the last three to four decades. It's economic suicide to let debt ceiling talks lapse and politicians really should know better, despite how foolhardy they may be. It's a game of chicken where both parties want to win and neither wants to accept a loss so to speak. But in a case where nobody loses means that everyone loses, then it will be in the best interest to find a solution instead."
And alas, we have gotten there.
Will that spur risk trades in the new week? I'm not too sure. To me, it doesn't feel like there was a lot of fear priced in anyway.
As things are likely to remain quieter today, here's a snapshot of the major currencies at the moment. It isn't really indicative of much as the dollar continues to sit in a good spot amid tight ranges on the day.
