Forex Today: Brexit drama continues, gold keeps advancing


Here is what you need to know on Wednesday, December 9:

 The Brexit drama continues, with contradictory headlines throughout the day. Still, such news had a limited effect on the pound, as investors turned cautious. Mid-European session, British Cabinet Minister Michael Gove has announced that they have reached an agreement in principle.

However, soon afterwards, and according to an EU source, EU’s chief negotiator Michel Barnier told European ministers that the chances of a deal are “very slim.” Even further, German Minister  Michael Roth said that there was no substantial progress in the EU-UK trade talks, adding that "it remains totally uncertain whether Britain and EU can reach a trade deal." The latest on the matter is that UK PM Boris Johnson is traveling to Brussels this Wednesday to speak with European Commission President Ursula Von der Leyen. GBP/USD ended the day little changed, around 1.3160.

Most major pairs remained lifeless and confined to tight intraday ranges. The dollar edged higher but is far from bullish. EUR/USD trades above 1.2100, AUD/USD retains the 0.7400 threshold.

Wall Street turned positive during US trading hours after  House Speaker Nancy Pelosi said she is hopeful of getting a coronavirus relief deal, providing support for Wall Street.  US Treasury yields, on the other hand, ticked lower.

The UK kick-started massive COVID-19 vaccination with Pfizer’s vaccine. Markets payers are cautiously optimistic about an economic comeback while concerned about the current coronavirus developments. Meanwhile, the US continued to report record new contagions. The seven-day average stands at 196K, while the death toll is also at record highs.

Gold kept advancing, reaching $1,875.20 a troy ounce, its highest in two weeks. It closed the day around 1,872.50. Crude oil prices post modest daily losses ahead of US stockpiles reports.

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