OPEC managed to reach a deal to cut oil output, which boosted oil prices and increased risk appetite in global markets. All the major Asian stock indices are up on the day, while WTI oil rallied from $45 to $50.
In FX, the reaction was mixed. USD/JPY benefited the most, as it rallied from 112 to almost 115 following the announcement. However, the commodity currencies failed to rally, and even the Canadian Dollar (which usually has a strong, positive correlation to Oil) stayed rather weak. USD/CAD fell from 1.3450 to 1.3360 following OPEC's announcement, but quickly retraced the losses later in the session. Overnight, it fell again from 1.3440 to 1.3390.
EUR/USD ran again into strong resistance ahead of the 1.0680 level, and came under pressure in the late NY session. After founding support at 1.0550, it bounced in Asia and made it back above 1.06. Meanwhile, GBP/USD rallied from 1.2420 to 1.2510 and extended gains to 1.2540 in Asia.
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