The U.S. dollar gained against its major rivals on Thursday as rising concerns about inflation and aggressive monetary tightening by the Federal Reserve boosted the currency's safe-haven appeal.
Rising oil prices fueled concerns about an acceleration in inflation. Oil prices surged after the OPEC+ announced that the group would cut crude output by 2 million barrels per day from November. Recent data showing a drop in U.S. crude inventories contributed as well to the surge in oil prices.
For comments and feedback contact: editorial@rttnews.com
Forex News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.