Investing.com - The yen weakened in Asia on Thursday as investors digested a curb on output agreed to by OPEC members and kept up discussion on chances of a Fed rate hike in November as at least one FOMC voter saying it will be discussed.
Cleveland Federal Reserve Bank President Loretta Mester said Wednesday that the November FOMC will be an "active meeting" and repeated her views another hike in the Fed funds rate is appropriate.
USD/JPY changed hands at 100.91, up 0.22%, while AUD/USD traded at 0.7693, up 0.01%.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 95.31.
OPEC surprised markets Wednesday and agreed to production curbs under a formula to cut output to a range of 32.5 million to 33 million barrels of oil per day from 33.4 million.
Overnight, the dollar edged back up against the other major currencies on Wednesday, after positive U.S. data on durable goods orders, although investors remained cautious over the outcome of a meeting between major oil producers.
The U.S. Commerce Department said that durable goods orders remained unchanged last month, compared to expectations for a 1.4% decline. July’s orders were revised down to show an increase of 3.6% from a previously reported 4.4% gain.
Core durable goods orders, which exclude volatile transportation items, dropped 0.4% last month, in line with forecasts.
The Investing.com Fed Rate Monitor Tool shows the market sees a 10.3% chance of a rate hike in November.