* Dollar poised to gain almost 8 pct vs yen in November
* Decision from OPEC meeting may move markets
* Euro zone flash PMI inflation eyed
* Graphic: World FX rates in 2016 tmsnrt.rs/2egbfVh
By Jemima Kelly
LONDON, Nov 30 The dollar edged up on Wednesday
as U.S. Treasury yields resumed their rise after three down
days, with the greenback on track for its strongest performance
against the yen in seven years.
The dollar hit its highest level against a basket of major
currencies for almost 14 years last week, after a boost
from Donald Trump's shock U.S. election win that drove debt
yields higher on expectations of more fiscal spending, higher
inflation and a faster pace of monetary tightening.
The U.S. currency 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.
This week, however, the dollar has stalled somewhat, trading
below last week's peak, but the index was up 0.2 percent on
It was helped by data on Tuesday that saw the U.S. third
quarter GDP revised up and November consumer confidence come in
stronger than expected. Friday will see the most-watched
set-piece data point of the month: the non-farm payrolls report.
"The market is a little bit more cautious - dollar strength
has mainly been driven by expectations, so these can only carry
you so far," Commerzbank currency strategist Esther Reichelt
"In the end we want to see some facts to show these changed
expectations are justified, and it's still too early for that. I
would expect for this reason the upcoming data to be quite
Against the yen - which Reichelt said has also been pushed
down this month by the Bank of Japan's decision to implement a
new monetary policy tool, targeting the yield curve - the dollar
was up a third of a percent at 112.78 yen as U.S. Treasury
yields ticked higher, some way off last week's highs
of 113.90 yen.
The dollar was up 0.1 percent against the euro at $1.0641,
ahead of euro zone flash inflation data due at 1000 GMT.
Analysts said dollar gains were being capped, though, by a
meeting by the Organization of the Petroleum Exporting Countries
(OPEC) beginning at 1000 GMT that could spark volatility.
Many analysts believe OPEC will cobble together a deal to
cut some production at its meeting in Vienna. But doubts still
lingered as Iran and Iraq, OPEC's second-largest and
third-largest producers, have resisted pressure from the group's
de facto leader Saudi Arabia to curtail output.
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(Additional reporting by Shinichi Saoshiro in Tokyo; Editing by