The dollar rose against other major currencies on Monday as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production targets further, with traders wagering the Federal Reserve may need to increase interest rates again at its next meeting.
Woman holds U.S. dollar banknotes in front of Euro banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
OPEC+ had been expected at a meeting on Sunday to stick to cuts of 2 million barrels per day already in place until the end of 2023, but instead announced further output cuts of around 1.16 million bpd. "With oil prices going up it could be a trigger to reverse Fed rate cut pricing," Danske Bank's Al-Saraf added.
Focus this week will be on U.S. activity data and Friday's jobs report, although many markets will be closed for the Easter holiday.
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