2016.09.2822:40:00UTC+00Dollar Declines Against Commodity Currencies following OPEC Deal

The U.S. dollar has reached around a five-month decline against the Norwegian crown and has dropped against other commodity-linked currencies following OPEC reports that the group has agreed to cut its oil output. Two sources from the Organization of the Petroleum Exporting Countries claim that the group has decided to cut output to 32.5 million barrels per day (bpd) from the current production of 33.24 million bpd.

The Norwegian crown, Australian dollar and the Canadian dollar have increased against the U.S. dollar following the report. The increase tracked a rally in the prices of oil, which is over five percent higher. The greenback declined by almost one percent against the crown to practically a five-month low of 8.0403. The U.S. dollar also fell to a five-day low against the Canadian dollar by nearly 0.8 percent to C$1.3088. The euro was nearly flat against the dollar at $1.1212. The greenback increased against the Japanese yen at 100.67 while it was nearly flat against the Swiss franc at 0.9710.