The dollar rises as inflation fears return after the OPEC + surprise
The dollar rose on Monday, April 3rd, as fears about inflation returned after the surprise announcement by major oil producers to cut production further.
The announcement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as the OPEC + group, came after data showed on Friday that consumer spending in the United States rose slightly in February after rising significantly in the previous month, and inflation showed some signs of calming, although it is not still up.
The euro fell 0.44% to $1.0791, after touching a one-week low of $1.0788, while the Japanese yen fell 0.46% to $133.41 per dollar.
The pound sterling reached $1.2277, down 0.45%. And the dollar rose 0.32% against the Swiss franc.
The dollar index, which measures the US currency against six major currencies, rose 0.078% to 103.01, crossing the threshold of 103 for the first time in a week.
The cuts of the OPEC + coalition caused a jump in oil prices by more than 6% today, Monday.
The announcement of the cuts came ahead of a virtual meeting of the OPEC+ ministerial committee, which includes representatives from Saudi Arabia and Russia, which was expected to renew commitment to the cuts of two million barrels per day already in place until the end of 2023.
Instead, on Sunday, oil producers announced further production cuts of about 1.16 million barrels per day.
In terms of cryptocurrencies, Bitcoin fell in the last trading session by 2.43%, to $27,703.00. In the latest trading, Ethereum fell 2.27% to $1,776.40.