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The dollar touched a 9-1/2-month high against the yen on Thursday as oil prices surged after OPEC agreed to output cuts. The 14-member group of major oil producers reached an agreement to reduce their output by 1.2 million barrels a day to a ceiling of 32.5 million barrels a day. If OPEC’s cuts weren’t bullish enough for the market, key oil producers who aren’t part of OPEC have also agreed to reduce their output by 600,000 barrels a day, with Russia accounting for about half of that reduction.

Currencies: The euro rose to 121.55 against the JPY, its highest level since June 24, even though the currency was capped ahead of Italy’s Referendum on Sunday, which could reject Prime Minister Matteo Renzi’s constitutional reforms, on which he has staked his political future. USD has rallied almost 8 percent versus the yen since the start of November, its strongest month since December 2009, and more than 3 percent against the euro , its best month in a year.

Oil and Gold: OPEC completed a deal to cut production, while unveiling a number of other developments that contributed to a sharp rally in oil prices. WTI rose $4.21, or 9.3%, to settle at $49.44 a barrel and BRT ended at $51.84 a barrel, up $4.52, or 9.6%. Gold prices fell near a 10-month low Wednesday as a stronger dollar and expectations of an interest-rate increase by the Federal Reserve in December put pressure on the metal. Investors will be waiting for Friday’s release of the U.S. Non-Farm Payrolls figures for November, which could affect the strength of the dollar.

Stocks: For the day, the Dow Jones industrial average was up 1.98 points, or 0.01 percent, to 19,123.58, the S&P 500 lost 5.85 points, or 0.27 percent, to 2,198.81 and the Nasdaq dropped 56.24 points, or 1.05 percent, to 5,323.68. For November, the Dow rose 5.4 percent, its best monthly gain since March, while the S&P 500 was up 3.4 percent and the Nasdaq was up 2.6 percent. All three indexes hit record highs this month. Investors expect Trump’s election will lead to higher spending on infrastructure and simpler regulations.

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