EUR/GBP climbs above 0.9100 on the session
The uneasiness surrounding the Brexit situation is continuing to weigh on the pound, as any positive news – if there will be any that is – is unlikely to come about in the next two days and possibly only after the weekend.

Bloomberg reports, citing officials with knowledge of the discussions
As such, that is leading to a no-deal scenario being the likely outcome but still, both sides are working to spend the coming days in search of a breakthrough.

The ECB will announce its „recalibration“ later today
I outlined what to expect later today but in summary, we are almost certainly going to see an expansion of PEPP stimulus by at least €500 billion and likely to June 2022 i.e. 12-month extension. Adding to that will be the enhancing of TLTRO terms.

Nasdaq futures turn flat while S&P 500 futures are up 0.2% now
After the pullback yesterday, the risk mood is seeing more calm in general so far today as investors are also still holding out hope for US stimulus to pull through.

Comments by Irish foreign minister, Simon Coveney
– But the fact there were no signs of compromise last night is a problem
– The gap is still very wide
– I do believe Boris Johnson wants a deal
More Brexit ramblings on the day. This doesn’t really add much to the current picture. The pound continues to keep weaker

Latest data from the Mortgage Bankers Association for the week ending 4 December 2020
– -0.6%
The drop last week largely stems from a decline in purchase activity, despite the long-term mortgage rate falling by another 2 bps to a record survey low.

Comments by Russian energy minister, Alexander Novak

The ECB has preempted the market with more easing this month, but how much will they deliver and what can we expect to see?
The quick take on this is that don’t expect any change to key rates by the ECB tomorrow. They have made that rather clear, and that the tools that they are most

Further comments by Irish foreign minister, Simon Coveney
– Don’t get your hopes too high on a Brexit deal
– A deal can happen with the right approach from both sides
As for the headline comment, that would also depend on the UK and Boris Johnson and it would be a serious blow to the incumbent government’s credibility

Polish deputy premier, Jarosław Gowin, makes mention on the matter
The budget compromise now awaits the approval of all other EU members, which should take place at the upcoming summit on Thursday and Friday. That is at least one issue struck off the list for the week and positive news for Europe in general.