Analysts at Scotiabank noted that the headlines earlier were dominated by reports of Saudi Arabia and Russia agreeing to an oil out-put freeze. Key Quotes: "Crude is off the peaks as investors note that the “freeze” would be applied to current output levels (no cuts, in other words) and that other suppliers (e.g., Iran) are unlikely to slow their ramp up of production any time soon. These developments do not mean an immediate end to the current supply glut, in other words." "Still, a couple of the market’s recent worries, China and oil, look a little less concerning." "A little more faith in the strength of the US economy in the face of persistent bearishness (and, oddly, some calls that a US recession has already started) would perhaps be helpful for broader asset market trends and the US currency." For more information, read our latest forex news.