The Pound has strengthened as the Bank of England stopped short of cutting interest rates into the negative territory. In addition, Chancellor Sunak announced an extension of the furlough scheme until March which was welcomed by the market as was seen as an important step saving many jobs.

The Euro has stayed strong against a weaker Dollar but is on the back foot against the Pound. German industrial production disappointing the market with a release of 1.6% compared to 2.6% that was forecast. The European Commission has lowered its 2021 GDP forecast from 6.1% to 4.2%.

The US election results are still pending with votes in several key battleground states still being counted. However, with Biden in the lead at the moment and expected to gain the majority of postal votes the Dollar has weakened across the board. The US unemployment rate and non-farm payrolls are due at 1:30pm which is likely to cause some short-term volatility for the greenback.