Dollar Higher Against The Yen On U.S.-China Trade Deal Hopes

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1. Dollar Higher Against The Yen On U.S.-China Trade Deal Hopes
The dollar was firm against the yen on Friday as growing optimism of progress in Sino-U.S. trade talks supported broader appetite for risk. A Wall Street Journal report on Thursday that U.S. Treasury Secretary Steven Mnuchin had considered easing tariff imposed on Chinese imports lifted sentiment. Against the yen, the dollar tacked on 0.2 percent as of 7:15 GMT to last trade at 109.45 yen for its fourth-day of gains against the Japanese currency.*

2. Canadian Dollar Recovers Along With Oil Prices
The Canadian dollar weakened to its lowest in more than one week against the greenback yesterday but noted a major recovery of +0.3% as of 7:10 GMT today. The CADUSD edged higher after a recovery in oil prices and as investors regained hope for a possible end to the U.S.-China trade war. It is important to note that Canada runs a current account deficit and exports many commodities including oil, so its economy could benefit from improved global trade.**

3. Oil Prices Gain More Than 1% on Reports of OPEC Cuts
Oil prices gained more than 1% in early Friday trading in Asia after the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that its production fell sharply in December. Specifically, OPEC reported that its oil supplies plunged by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years. In particular, Saudi Arabia’s output plunged by 468,000 bpd to just over 10.5 million bpd last month. U.S. West Texas Intermediate Crude Oil (USOIL) futures were at $52.67 per barrel at 7:15 GMT, up 1.15%, from their last settlement while International Brent Oil Futures (CL_BRENT) were up 1% at $61.78 per barrel.***

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*Source: Forbes, Jan 18, 2019, 2:25 AM GMT
**Source: Reuters, Jan 18 2019, 4:16 AM GMT
***Source: CNBC, Jan 18 2019, 3:03 AM ET

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