29.09.201621:52:00UTC+00Dollar Gains Against Yen After OPEC Deal

The U.S. dollar has reached an eight-day high against the Japanese yen due to the reduced appetite of investors for the safe-haven currency, following the OPEC deal where they agreed to cut the production of oil. OPEC has agreed to modest reduction of oil output as the group's leader, Saudi Arabia, softened its position on Iran.

The greenback last increased against the yen by 0.44 percent at 101.09 yen after it reached an eight-day high of 101.84 yen. The euro was last up at $1.1245 against the U.S. dollar, which reversed earlier losses as analysts claim that the reduced concerns regarding the European banking sector has boosted the currency. The dollar index, last decreased by 0.09 percent at 95.344. According to analysts, the gains followed higher chances that the Federal Reserve will increase rates in December.

Traders see a 57.4 percent likelihood that the Fed will raise rates in December, according to CME Group's FedWatch program.