Dollar gains as inflation worries resurface after OPEC+ surprise
The U.S. dollar started the week higher as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production further, with traders wagering the Federal Reserve may need to increase interest rates at its next meeting.
The announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, comes after data on Friday showed U.S. consumer spending rose moderately in February after surging the prior month, with inflation showing some signs of cooling even as it remained elevated.
