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CAD Reverses Course on Oil Drop

FOREX

After a decent start to the week, WTI and Brent futures reversed into the NYMEX close, undermining early CAD strength and pressuring the currency to the bottom end of the G10 table. Weight went through in WTI and Brent crude futures following OPEC's outlook update in which they see daily global fuel demand dropping by around 1mln barrels per day across the first quarter of next year.

GBP was among the strongest currencies Monday, as markets welcomed the decision to extend trade deal negotiations as a sign that middle ground can be met before the end of the transition period on Dec31. Betting markets now see a trade deal as the odds-on outcome.

Chinese industrial production & retail sales data are due Tuesday as well as the UK jobs numbers for November. US import/export price indices and industrial production numbers also cross.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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