Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher
- Canadian Dollar, Norwegian Krone rise alongside crude oil prices
- WTI hit 17-month high as non-OPEC suppliers sign on to output cut
- British Pound strength set to be challenged by Hammond testimony
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The Canadian Dollar and the Norwegian Krone outperformed in overnight trade, bolstered surging crude oil prices. The WTI benchmark shot up to the highest level in 17 months after a number of large non-OPEC producers agreed to participate in an OPEC-led output cut scheme at a meeting over the weekend.
The British Pound edged narrowly higher as UK Chancellor of the Exchequer Philip Hammond prepares to testify about last month’s Autumn Statement budget update before a House of Commons committee. The likely severity of any Brexit-linked slowdown and the fiscal help on offer to counter it will be in focus.
Sterling’s gains presumably imply that investors foresee a boost in government spending as likely to reduce the scope for further easing on the monetary side of the equation. Mr Hammond will surely try to put on a brave face. The degree to which this looks convincing may test such this rosy outlook.
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UK’s Hammond Questioned on Autumn Statement