The weekend’s main story was the G20’s removal of the phrase “resist all forms of protectionism” from their communication, succumbing to pressure from the US. This has been marginally negative for risk sentiment, but in FX, the price action continues to be dominated by softer USD and gold, which is hitting its highest level in two weeks. Yet, as Greg Gibbs from Amplifying Global FX points out, at some point the under-performance in the USD relative to its improved yield advantage should end, as he explains in a piece we feature today. Turning to Europe, we feature an interesting piece from UBS that looks at European corporate investment intentions amid heightened political risk. Turns out that Brexit is seen as a bigger risk than the French elections (see below).