Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

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

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Chinese trade balance figures have disappointed with a drop in exports, especially to the US – 23%. However, imports were on the rise in November. Reports suggest that authorities in Beijing have instructed companies to reduce companies' reliance on different computer hardware. Some fear that the world's largest economies are accelerating their decoupling. 

The US Dollar remains bid after Non-Farm Payrolls beat expectations with an increase of 266,000 jobs in November. Moreover, upward revisions and upbeat consumer confidence have are also supporting the greenback. See November payrolls boost Fed’s economic case for the December 11 FOMC

UK elections: Three days to go, Sunday's surveys have continued projecting a steady lead of around ten points for Prime Minister Boris Johnson over Labour. Polling firms' changes have been minimal. That should be sufficient for a Conservative majority, which markets prefer. GBP/USD has resumed its gains around 1.3150.

EUR/USD backed off from 1.11 and has failed to recover, also due to weak German industrial output. German trade balance and euro-zone Sentix Investor Confidence are scheduled for today.

Japan's final third-quarter Gross Domestic Product beat expectations with 0.4%. The government is moving ahead with fiscal stimulus. 

North Korea has claimed it conducted a significant missile test over the weekend. Trump responded by saying that Kim may lose his special relationship. 

Oil prices have been holding onto gains after Saudi Arabia has agreed to bear the brunt of production cuts of OPEC and non-OPEC members. 

The week ahead: Investors are already gearing up for the last Federal Reserve decision of the year, which includes new forecasts. Christine Lagarde will preside over her first decision as President of the European Central Bank, and she is expected to leave policy unchanged.

Cryptocurrencies have been steady, with Bitcoin trading around $7,500.