Greenback heads north vs yen as OPEC deal spurs risk soar
On Thursday, the US dollar edged up 1% against the safe-haven yen to hit an eight-day peak as market participants moved into riskier assets, reacting to an OPEC deal to drop oil output.
The US dollar leapt as much as 1.1% to 101.75 yen, the strongest value since September 21.
The Organization of the Petroleum Exporting Countries told it would diminish output to a range of approximately 32.5 million-33.0 million barrels a day.
The currencies of crude-exporting countries, including Norway and Canada soared after the deal late on Wednesday, though they were all moderately down on Thursday, thus mirroring a dip in crude prices, as markets became more skeptical on how OPEC would implement the newly approved plan.
Both currencies stood intact, while trading more than 1% higher than their levels before the crude deal was officially announced. The Norwegian crown happened to be a clear winner, reaching a 14-month peak of 9.00 per euro.