LONDON : The dollar trimmed its initial gains against major pairs in the course of Monday as investors focus on diverging central bank policy, with the impact of oil production cuts complicating the inflation outlook. An announcement on Sunday of output target cuts by the Organization of the Petroleum Exp
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The dollar, which had jumped on the surprise cut to output, slowly reversed course through the European morning to trade lower as attention turned back to central bank policy. Data released on Friday showed an acceleration in core price growth in the euro area, which analysts said should strengthen the case for more rate hikes from the European Central Bank, while a measure of core inflation in the U.S. came in a shade lower than expected at 4.6%.