Oil prices rallied overnight after it was announced that non-OPEC members will also cut their output. WTI rallied from $51.50 to a high of $54.50 so far, while Brent rose from $54.20 to $56.70. This benefited the Canadian Dollar, and USD/CAD declined from 1.3170 at the open to a low of 1.3115. Further losses seem likely in the near-term, and there is now little support until 1.30.
USD/JPY rose overnight, from 115.15 at the open to a high of 115.60, while the Euro came under renewed pressure, falling to a low of 1.0525. In GBP/USD, flows were light and it consolidated in a 1.2570-95 range.
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