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"Mind the Gap" is a reference to both oil and gold this morning. Oil fell as Israeli strikes on Iran over the weekend avoided the OPEC member’s oil facilities, with West Texas Intermediate declining 5% to $68.15. XAUUSD also gapped down $10 on the open.

Markets are USD-focused, with the yield on 10-year Treasuries advancing, currently at 4.24%. We see USD/JPY open above 152, Cable open below 1.30, and EUR/USD testing support at 1.0780/1.08.

Asian equities declined for a second day, and USD/JPY is back above the psychological 150 level. The U.S. election dominates the macro theme, favoring a stronger dollar and higher U.S. yields.