Dollar Reaches 5-Year High as Oil-Linked Currencies Fall The dollar strengthened to a five-year high after OPEC kept oil output unchanged on speculation lower crude prices will support the U.S. economy while weighing on the currencies of commodity-producing nations. The U.S. currency’s gains build on this month’s advance as a brightening economic outlook supports projections the Federal Reserve is moving closer to raising borrowing costs. The Australian dollar declined with Norway’s krone and Canada’s currency after the 12-nation Organization of Petroleum Exporting Countries kept its output target at 30 million barrels a day, even after the steepest slump in oil prices since the global recession. The yen fell with Russia’s ruble and Brazil’s real. read more : forex-tsd/financial-news-analytics/26338-forex-news-707.html#post716600
Posted on: Sat, 29 Nov 2014 00:10:46 +0000
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