FOREX SUMMARY

A mixed session for FX this morning.

• Safer asset, like Core bonds, Gold and of course the USD were initially favoured, as US stimulus, Covid cases, J&J and Eli Lilly & Co, pausing their studies have limited Equity upside.
• Nonetheless, Equities slowly reversed the small early pressure, to trade back into green territory.
• As such, USD reversed early gains and trade mix against G10
• Biggest move of the day was seen in the GBP, when Cable spiked some 69 pips, following a headline hitting our screens:
• "UK signals it won't walk from EU trade talks".
• Cable spiked from 1.2907 to 1.2976, but there was nothing really new in the story, and Cable settled back towards 1.2927, now at 1.2930 at the time of typing.
• Turnovers have been below averages, around 30% versus 5 days.
• Looking ahead, Earning season continues, with BofA, UTD Health and Wells.
• Speaker's schedule is packed, with ECB Mersch, Lane, Villeroy, and de Cos. Fed Barkin, Clarida, Quarles, Logan, and Kaplan. BoE Haldane is also set to speak.
• ALL EYES are on the call between EU Ursula and UK Boris, but no official timing has been released.
• On the data front, US PPI is the highlight