Forex Market Update : Epic Research Malaysia

The currencies of Russia, Norway and Canada dropped against the U.S. dollar, with the oil-producing countries feeling the weight of a decision by the Organization of the Petroleum Exporting Countries not to cut its production target.

The dollar fetched 6.939 Norwegian krone USDNOK, +0.32% up from 5.979 krone on Wednesday. “Norway derives nearly 70% of its exports from crude oil and petroleum products, representing 20% of GDP, so changes in the price of oil have a massive impact on the nordic nation’s economy,” said Forex.com in a note earlier this month.

The greenback after the OPEC statement bought 1.134 Canadian dollars USDCAD, +0.14%  from 1.124 Canadian dollars in the previous session.

Meanwhile, the euro EURUSD, -0.15%  was at $1.2477, down from $1.2509 on Wednesday, and the pound GBPUSD, -0.17%  bought $1.5724, less than $1.5792 in the previous session. The dollar traded at 117.73 Japanese yen USDJPY, +0.45% little changed from ¥117.74.

The dollar index DXY, +0.14% a measure of its strength against a basket of six rival currencies, rose 0.3% to 87.992.
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