USD stronger versus the commodity currencies
USD index held below the November 23 low of 88.40 on the past week. However, the OPEC’s decision to leave output quota unchanged on Thursday revived demand for the US currency: on Friday the index opened with a gap up.
The decision was not a surprise, but pulled oil prices to the new low together with the “commodity” currencies: Australian, Canadian and New Zealand dollars. Next week the trend is expected to continue.
As for the economic calendar, watch the US November PMI indices on Monday and on Wednesday. United States will also release labor market data: don’t miss the ADP Nonfarm Payrolls on Wednesday and the official Nonfarm Payrolls on Friday.