Dollar Advances as OPEC Output Freeze Seen Hurting Euro, Aussie

All currencies are dropping like a stone, in order to match the US Dollar ROFL. With the price of Oil dropping it's going to be Turbo Race to the bottom, and it's all to make the US Dollar look good.

Australia’s dollar slipped 0.4 percent to 85.15 U.S. cents, the Norwegian krone weakened 0.6 percent to 6.9696 per dollar and touched a five-year low, and Canada’s dollar fell 0.4 percent to C$1.1379 versus the U.S. currency.

The dollar strengthened on speculation lower crude prices after OPEC’s decision to keep oil output unchanged will stimulate the U.S. economy while weighing on the euro and currencies of commodity-producing nations.

The greenback rose against most of its 16 major peers. The Aussie declined with the Norwegian krone and Canadian dollar after the 12-nation Organization of Petroleum Exporting Countries kept its output target at 30 million barrels a day even after the steepest slump in oil prices since the global recession. Japan’s yen fell against its U.S. counterpart for the first time in four days after a government report showed household spending dropped and inflation slowed.

“The falling oil price is making the dollar a more attractive alternative to currencies from oil-producing countries,” said Peter Kinsella, a senior foreign-exchange strategist at Commerzbank AG in London. “While lower oil prices may boost consumer spending in the U.S., it is likely to translate into weaker inflation in the euro area, and therefore an easier monetary policy.”

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 trading partners, rose 0.2 percent to 1,102.80 at 6:52 a.m. New York time, headed for its highest close since March 2009. the index is headed for a fifth monthly gain, the longest streak since March 2013.