And that is likely to emerge as the key trading theme this week
As we get into the start of trading this week, you can just about use the contrasting narratives that are playing out to describe how the market is behaving.

Bundesbank remarks in its latest monthly report
– But economic hit from virus curbs to be less severe than in Q2
– Stabilising fiscal policy remains important next year
Some token remarks there by the German central bank, as this is very much anticipated as we gauge the Q4 outlook for the euro area economy as a whole

Reuters with more Brexit headlines, citing an EU official on the matter
This just adds to the current rhetoric that time is wasting away as we count down to yet another Brexit „deadline“ at the end of this week, with some rough idea that it is more likely to be some time at the end of

Reuters with the headlines, citing EU diplomatic sources on the matter
– Progress made in drafting legal text of new treaty
– But no mutually acceptable solutions on fisheries, governance, level playing field
The same old, same old as we look forward to another round of talks in Brussels this week. The pound has now slipped to the

RBA governor, Philip Lowe, remarks in the Q&A session after his speech
– The costs still outweigh the benefits of negative rates now
– Negative rates still extraordinarily unlikely
This is a similar kind of rhetoric to his remarks from last week . Nothing has changed yet but as much as it is important to follow what the

The Federal Reserve’s next Federal Open Market Committee meeting is mid-Dec. Standard Chartered analysts say the Fed could ease policy again prior to then.
While there are already some market expectations of a move at the December meeting an earlier move would have an impact from (1) the  ’surprise‘ timing and also by (2) a concerned

Reports cite unnamed ‚people familiar‘.
One of those people says Yellen has withdrawn from an upcoming speaking engagement because she is in contention for the Treas. job. 

Forex news for North American trade on November 13, 2020:
Markets:
– S&P 500 closes at record high, up 1.4%
– US 10-year yields down 1.3 bps to 0.896%
– Gold up $11 to $1887
The general theme in New York trade was US dollar selling as the risk tone slowly strengthened despite the miss in the U Mich survey.

Comments from the President:
This is a bit less defiant than previously.

Trump says he will speak in 15 minutes
 Trump says he will speak in the Rose Garden in about 15 minutes. These are his first public comments in a week and they will be on Operation Warp Speed.