Global markets have been bouncing up and down since President Trump announced he tested positive for COVID-19 last week. Add to this the on-again, off-again stimulus talks ahead of the already-contested November 3rd U.S. election and you have a recipe for political uncertainty and increased market volatility. And yet, volatility has been relatively muted — pullbacks have been shallow while upsides have been capped. George Davis, RBC Capital Markets’ Chief Technical Strategist in Foreign Exchange Trading, shares what’s surprised him about recent market movements.

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