In the latest trade (tennis) match between US and China, markets are off their lows after Chinese officials announced earlier they were inviting US negotiators for more talks. Markets had dropped to new session lows (SPY 3091) in late Asian trade on mounting threats from Beijing as US Congress sent a bill on Hong Kong human rights to pres Trump to sign into law (more below). If/when he does, expect a firm reaction from China. GBP, NZD and EUR are leading FX ahead of the US session. US jobless claims, Philly Fed survey, existing home sales and LEI are due next. The Premium video focuses on the use of risk reversals in trading EURUSD and unveiling/dissecting that mystery ratio.