For the last few months of summer, amid dwindling volumes and the deafening roar of event risks around the world, US equity markets have meandered higher on a bed of ever-decreasing volatility as machines (and corporate share-buy-backers) bought every headline dip, sold every vol rip, and generally confirmed Trump's narrative that everything is awesome.

But as former fund manager and FX trader Richard Breslow warns, algorithms aren't investors.

Via Bloomberg, The calendar is conspiring to make this a day where in Europe and North America, participation is going to be light and interest in events even less so.

The same is true, on both counts, trying to analyze currency movements in terms of correcting for, or exacerbating trade flows and current account deficits.

Aside from basking in some feel-good comments and getting excited by the lull, you need to ask, what, if anything, has changed.

Categories: ZH