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USD Hovers Near 3-Year Lows; Oil Prices Fall on US Production Spike
Published January 19, 2018
The greenback recovered some of its losses this morning, but is still floundering near 3-year lows due to broad weakness stemming from a possible government shutdown (however unlikely that may actually be) as well as a global trend toward monetary policy normalization.
The sixth of seven rounds of NAFTA talks begin on Tuesday in Montreal, with the majority of economists expecting it to be successfully renegotiated, according to a poll conducted by Reuters.
Cryptocurrencies recovered somewhat today after a sharp selloff earlier this week on concerns of a ban in China and South Korea. Despite the continued potential for a ban on cryptos in those countries, investors jumped back in to the market, increasing the total cryptocurrency market cap by 20% from Wednesday’s lows.
Oil prices are down this morning after the International Energy Agency stated that US oil output is poised for “explosive” growth in 2018. WTI crude is down 1.24% to $63.16 with Brent crude down 1.10% to $68.55 at the time of writing.