What has been the effect on currencies of the unexpected deal struck by Opec members to reduce crude oil production? Saxo Bank’s head of FX strategy John Hardy explains.

He says that pairs such as EURNOK, USDCAD and USDJPY are the ones to watch following the announcement of a plan to cut crude oil production by 250,000-750,000 barrels per day.

The oil deal was struck at the International Energy Forum in Algiers. However, full details of the deal must await the next official Opec meeting on November 30.