Forex news for North American trading on December 11, 2020
No Brexit deal. No covid stimulus deal.  London may have to go to Tier 3 restrictions as a result of increasing Covid cases. NYC will close all restaurants on Monday.  The electoral college will be decided on Monday as the Pres (and some states) look to orchestrate a Supreme Court

Major indices decline for the week
the final numbers are showing:

The USD is modestly lower
For the week, the AUD is ending as the strongest of the major currencies, while the GBP is the run away weakest.  Nearly a 1/3 of the gains for the AUD was against the GBP (+3.02%).  The currency also moved 1.51% vs the EUR and 1.47% vs the USD.

Weekly FX positioning data for the week ending December 8, 2020
– EUR long 156K vs 140K long last week. Longs increased by 16K
– GBP long 6K vs 8K short last week. Longs increased by 14k

Down $0.21 or -0.45%
The price of WTI crude oil futures for January delivery are settling at $46.57. That is down $0.21 or -0.45%. The high price reached $47.29. The low price extended to $46.34.

FDA says that they have notified the CDC and Operation Warp Speed to expedite work on the matter
This comes after the FDA advisers had overwhelmingly approved the Pfizer vaccine yesterday . This is merely a formality at this stage and the market isn’t too jumpy on the latest developments here after the November euphoria.

Reuters with the headlines, citing a senior EU official on the matter
– Latest developments in talks not very optimistic
– Differences remain very, very big
– Only certainty is that the UK leaves after 31 December
I’m surprised that they kept count because I’ve certainly lost track on the number of times the can has been kicked down

It is starting to get a bit ugly
For the DAX, the recent rally seems to have met a pause as it encounters resistance from the 3 September high. There is now some support from the 13 November low at 13,004 but the 100-day moving average (red line) will be the key level to watch @

The market mood is tilted towards being more risk averse this morning
European indices are mostly down by over 1% on the day, with the DAX nearing a decline of 1.7% currently as US futures are also seen slumping.

London reported 4,144 new virus cases today
That compares with the 2,550 new cases reported in the day before, with 34 deaths also reported in London hospitals. A Tier 3 lockdown for London will be a blow to the UK economy and add misery to the pound should Brexit prospects stay more bleak.