Wall Street turns higher, USD weakens after OPEC deal

US equity indices turned to the upside after reports signaled that the OPEC reached an output-cap agreement. The Dow Jones that was in negative territory is now up 0.56% at 18,330 while the S&P 500 gains 0.44%.

The rally in crude oil prices boosted stocks. The WTI barrel is up almost 5% after rising from $44.70 to $47.00 in a few minutes. According to Reuters sources the OPEC has reached a deal to cap oil production. The potential agreement triggered risk aversion and weakened the USD and JPY. On the other side, the Canadian dollar jumped across the board.

The  US Dollar Index , which gauges the US dollar against its main competitors, extended the retreated from 1-week highs after the OPEC report and fell to test daily lows. The DXY is now at 95.28, far from 95.65 (daily high), and slightly above the low located at 95.23. Greenback is about to end the day on a weak note.

The yen dropped in the market amid rising equity prices in Wall Street and futures worldwide. USD/JPY moved again to the upside to the 100.80 zone, while CAD/JPY gained 90 pips in less than 60 minutes. USD/CAD tumbled from 1.3250 falling under 1.3100.