Dollar Rallies Amid Inflation Fears as Oil Prices Surge

In today's Asian trading session, Dollar witnessed a remarkable bounce as concerns over inflation reemerged, driven by a sudden upswing in oil prices. WTI crude oil fleetingly broke the 80 level after Saudi Arabia and other OPEC+ oil producers made an unforeseen announcement on Sunday, revealing additional oil output cuts of around 1.16 million barrels per day. Initially, market participants anticipated OPEC+ to maintain the current 2 million bpd cuts through the end of 2023. However, the updated total of 3.66 million bpd cuts, accounting for 3.7% of global demand, caught many by surprise.

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