Dollar falls with central bank policy in focus; markets weigh OPEC+ cuts

The dollar fell as OPEC+ announced unexpected oil output cuts, leading investors to focus on the diverging central bank policies with the Federal Reserve expected to put a halt to its rate-hike cycle. Oil production cut announcements have complicated the global inflation outlook, resulting in Brent crude last trading at $84.48 per barrel. Futures traders have factored in rate cuts by December. Interest rate differentials are thought to be the main driver for euro-dollar, with traders pricing in around 60 basis points of tightening from the ECB by the end of the year.