Asia markets were set to open higher, following gains in U.S. equities overnight amid strong economic data.

Australia’s SPI futures traded at 5,983, a touch above the ASX 200’s previous close at 5,945.67.

Nikkei futures in Chicago traded at 22,460, while Osaka futures were at 22,480. They indicated a higher open for the Japanese benchmark index, which closed the Monday session at 22,261.76.

This will be a short week for the U.S. stock market, which will be closed Thursday for the Thanksgiving holiday.

Elsewhere, the dollar rose from levels near 93.600 against a basket of currencies to trade at 94.073 on Monday morning Asia time.

Among other currency majors, the Japanese yen weakened from levels below 112.20 to trade at 112.62 to the dollar. The Australian dollar traded at $0.7549, withdrawing from an earlier session high of $0.7573.

Meanwhile, the euro traded lower at $1.1731, compared to levels above $1.176 in the previous week. The common currency declined after news emerged on Monday that German Chancellor Angela Merkel’s efforts to form a coalition government had failed, thus making the political outlook for Europe’s largest economy uncertain.

Merkel later said on Monday that she would prefer new elections to leading a minority government.

Oil will also be a focus for investors ahead of next week’s OPEC meeting in Vienna, where member states will decide if they would support an output cut deal beyond March next year.

Energy prices stumbled on Monday as U.S. crude fell 0.8 percent, or 46 cents, to $56.09, while global benchmark Brent was down 0.8 percent, or 50 cents, at $62.22 a barrel.

Reuters reported that Iran’s oil minister said Monday that a majority of OPEC members support extending output cuts beyond March next year, but the final decision will be made at next week’s meeting.

— Reuters contributed to this report.