Biggest VIX spike since mid-March. Powell on tap.

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Today's slide deck: https://bit.ly/3ct05X5  Today we discuss yesterday's weak US equity session and the recent tendency for "smart money" late-session sell-offs and ponder the largest rise in the VIX since mid-March. Elsewhere, plenty going on in FX markets with NZD and NOK on the move. Crude oil, gold, today's speech from Powell and much more on the call. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

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