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December 06, 2016
It’s been a fairly uneventful overnight session with G10 currencies remaining range bound and the Dollar Spot Index marginally higher as USD gained against most of its major currency peers. Oil futures weakened overnight as doubts begin to emerge on how OPEC will implement and monitor its first production cut in over eight years. WTI crude futures fell 1.3% to $51.11 a barrel this morning, ending a four day winning streak, amid increasing scepticism that OPEC will be able to properly execute on a production cut. Recent data shows OPEC production rose to a record 34.16 barrels a day in November, while higher oil prices are likely to entice further production from non-OPEC nations as well. Commodity linked currencies are little changed this morning with the CAD gaining 0.11% while NOK gained 0.10% against the Greenback.

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