US$ surges vs yen after Opec deal

London

THE US dollar hit an eight-day high against the safe-haven yen on Thursday after an Opec deal to cut oil output spurred a move into riskier assets, though questions over the efficacy of the agreement left the greenback off its earlier highs.

The Organization of the Petroleum Exporting Countries said it would reduce output to a range of 32.5 million-33.0 million barrels per day, a reduction of 0.7-2.2 per cent, and the first such deal since 2008.