Net decline of the Yen against all currencies (-0.95% against the Euro, -0.5% against the Dollar) and weakness also of the Dollar which gives up -0.5% against the euro, towards 1.1780/1.1798, despite the increase in yield of T-Bonds from +6Pts to 0.754% (largest spread in 1 month) while the Bunds only show +3Pts towards 0.502%.

"A new poll by NBC and the Wall Street Journal shows that Biden is credited with 53 percent of voting intentions, compared to 39 percent for Trump, and that his lead has tended to grow since last week's chaotic debate," Danske Bank wrote in a note released this morning.

Markets are no longer worried about a Democratic victory, as the most 'extreme' measures of the left wing (Sanders/Oracio Cortez movement) are unlikely to be part of Joe Biden's priorities if he wins, the priority being the revival of the economy.

Charles Evans (Chicago FED) also mentions the need for stimulus plans to take precedence over the Fed's action.

Rates will be kept at zero until 2023 and probably as long as inflation remains anchored below 2%, or around 2%.

The only figure on the calendar in the US did not cause a stir on the FOREX: the ISM non-manufacturing index (Institute for Supply Management) stood at 57.8 in the United States in September, up nearly +1Pt compared to 56.9 in August, while economists expected on average a deterioration towards 56.1.

In Europe, the latest 'final' services PMIs were released this morning: the composite index of overall activity fell from 51.6 in August to 48.5 in September, highlighting the first decline in activity since last May in France.

Eurozone growth approached stagnation in September, as evidenced by the IHS Markit Composite Pmi of overall activity, which fell from 51.9 in August to 50.4, albeit slightly above its flash estimate of 50.1.

The Pound Sterling gained +0.35% against the Dollar while the British 'composite' PMI deteriorated from 58.1 to 56.5, in the wake of 'services' which fell from 58.8 to 56.1 in September.