It could be a volatile week ahead for the pound as the EU summit is due to take place on Thursday. This marks the deadline for the EU and the UK to agree a Brexit trade deal, in order for it to be ratified before the end of the transition period. However, reports suggest that key issues are yet to be resolved.
The dollar is weaker this morning as hopes for a vaccine grow. A major trial has launched in the UK this week to test the Janssen vaccine, after preliminary data showed last week that the Pfizer vaccine offers 90% protection.
It’s a busy week of data releases for the UK, EU and US, which should provide a strong indication of how each economy is performing.
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