The Pound has weakened across the board as the Brexit trade negotiation deadline has been extended to late next week which caused the market to remain cautious. This morning, UK preliminary GDP for Q3 2020 came out worse than expected at 15.5% compared to 15.8% that was expected. In addition, both manufacturing and industrial production figures disappointed the market with their readings which also didn’t help the Pound’s cause.

German finance minister Scholz has said that the country’s economic outlook has improved compared to a few weeks ago, although health minister Spahn has suggested that the population cannot live their lives normally after the lockdown even if virus cases fall. German final CPI came out as expected at 0.1% which gave the Euro some support.

A manual recount of all votes in Georgia is underway as Trump refuses to acknowledge Biden’s victory in the US presidential election which has strengthened the Dollar. US CPI and unemployment claims will be closely watched by the market at 1:30pm and is likely to cause volatility. Federal Reserve Chairman Powell is speaking later in the day – any sign that the central bank could introduce further quantitative easing to stimulate the economy could have a negative impact on the Dollar.