CAD is higher against the USD with the oil price. Apart from that the US dollar is up.
EUR/USD is on approach to 1.0800 while AUD, NZD, GBP are all lower also. USD/JPY is higher on the day so far after a move to circa 133.50 earlier, the yen weakened on the oil news :
The jump for oil prices is going to underpin inflationary pressure. And its also going to weigh on the global economy. Concerns over the banking system turmoil and the impact of that on the global economy have dissipated somewhat. Such concerns drove flows into the USD. Thats what’s going on so far this morning in Asia, to a much small extent of course, but at the margin its impacting.
The OPEC+ move is also seen as a cartel that is increasingly worried about economic growth weighing on sentiment and prices.
Cable is back under 1.2300: