It has been a relatively slow start to the....>

FOREX: It has been a relatively slow start to the Asia-Pac session in terms of

FX price action, with eyes on EUR as EU leaders sat down in Brussels to hold

talks on the bloc's Covid-19 fiscal package. The single currency edged lower

early on, as negotiations seemed stalled, but then recovered off lows as BBG ran

a headline suggesting that Denmark has broken ranks with the "frugal four" and

is ready to agree on EUR400bn in grants as part of the package. A brief round of

light risk-on flows was seen in reaction to that headline.

- USD/JPY surged into the Tokyo fix, topping out at Y107.53, which represents

its 100-DMA. The fix saw some good demand for JPY and it is worth reminding that

today is a Gotobi day. The yen is the worst G10 performer as we type.

- GBP trades on a slightly softer footing as we await today's appearance from

Foreign Sec Raab, who hinted the possibility of suspending the UK's extradition

treaty with Hong Kong, which would further damage UK-China relations.

- USD/CNH little changed in the lead-up to the monthly LPR fixing from the PBoC.

- Focus moves to speeches from ECB's Lane & de Guindos and re-appointment

hearings of BoE's Tenreyro & Haldane.