Oil kept up its push higher after Saudi Arabia’s new energy minister signaled that OPEC and its allies would continue with output cuts as the group prepared to gather in Abu Dhabi. Futures in New York added as much as 2.9% after recently appointed Saudi Energy Minister Prince Abdulaziz bin Salman said there won’t be radical change in the policy of OPEC+, which has cut crude production this year to prevent a glut and shore up prices.
The euro rose on Monday after a report that Germany may boost fiscal stimulus increased hopes that governments will act to boost growth in the region, though expectations of further central bank easing kept a lid on gains. Government officials are flirting with the idea of setting up independent public entities that would seize the historic opportunity of zero borrowing costs and take on new debt to increase investment in infrastructure and climate protection, the officials said.
The Canadian has reacted favourably to the USD, falling as low as 1.3139, expect further volatility.