FX Update: Currencies have settled in relatively narrow ranges

FX Update: Currencies have settled in relatively narrow ranges so far today, with the dollar and yen consolidating recent sharp declines. Global asset markets have remained buoyed, though mixed. The main U.S. equity indices hit fresh highs yesterday and copper prices today posted new near-seven-year highs today in Asia trading. South Korea's KOPSI pegged a new record peak, though the main equity indices in China, Japan and Australia remained off recent highs. U.S. equity futures also showed moderate gains. JP Morgan analysts said emerging market stocks are "under owned", forecasting a 20% rally, while Paul Tudor Jones forecast an "absolute, supersonic boom" in the U.S. economy in Q2 and Q3 next year due to unprecedented fiscal stimulus and a release of pent up consumer demand, on the proviso that Covid vaccine program proves effective. Today's release of U.S. November payroll, meanwhile, is expected to remind us of the grimmer realities of the now, with job growth expected to be the slowest in six months due to tightening Covid-related restrictions and the extended delay in another fiscal relief package. In Europe, German manufacturing orders came in much stronger than expected, underpinned by strength in export markets, including China. A major focus remains on Brexit. Tensions are scaling up in EU-UK negotiations, which if nothing else is a sure sign than they're very close to deadline, which is reportedly tomorrow. France, according to sources cited by media reports, has at the 11th hour increased demands on state aid rules, although an EU source cited by the BBC refuted this. It is also understood that Brussels has so far not accepted the UK's offer for EU fishing boats to keep 40% of the catch in UK seas. Sources on the UK negotiating team have also been cited in media saying that talks are near to collapse. Despite this, the pound, which is the principal conduit of investor expression on all things Brexit, has remained steady. Market participants are refusing to be draw in, having witnessed down-to-the-wire dramatics in previous Brexit negotiations, and waiting instead on concrete developments. Analysts continue to expect a deal, though France is continuing to threaten it will veto any deal, which in the event would trigger a no-deal outcome.