Dollar rises on inflation fears after the OPEC+ cuts‎

US dollar rose today, Monday, as fears about inflation returned after the announcement by major oil producers to cut production further.

According to Reuters, 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 indications of calming down, although it is still high.

Euro fell 0.44 percent to $1.0791, after touching a one-week low of $1.0788, while the Japanese yen fell 0.46 percent to 133.41 per dollar.

British pound sterling reached $1.2277, down 0.45 percent. And the dollar increased 0.32 percent against the Swiss franc

The dollar index, which measures the US currency against six major currencies, rose 0.078 percent to 103.01, crossing the threshold of 103 for the first time in a week.

The cuts of the OPEC + alliance caused a jump in oil prices by more than six percent today, Monday

The announcement of the cuts came before a virtual meeting of the OPEC + ministerial committee, which includes representatives of 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.

On Sunday, oil producers announced further production cuts of about 1.16 million barrels per day.

As for cryptocurrencies, Bitcoin fell in the last trading session by 2.43 percent, to $ 27,703.00. In the latest trading, Ethereum fell 2.27 percent to $1,776.40.