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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.