Oil plunges on acceleration of OPEC output, Asian currencies soar against the dollar on potential trade deal

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The week begins with a sharp decline in oil prices – around 4% at the time of writing – as OPEC+ announced it would accelerate output restoration by 411K barrels per day. No one knows the motivation behind the move, but the impact on oil’s direction is clear: to the downside.
PS: Lower oil prices are obviously a straight positive for bringing inflation lower for the US and elsewhere, and potentially allow global central banks to tame the negative impact of the trade war on their respective economies. The Federal Reserve (Fed) is expected to maintain rates unchanged this week, while the Bank of England (BoE) will likely announce a 25bp cut.
The US dollar kicks off the week on a negative note, as Asian currencies soar on rumours that there could be some announcement on the trade front later today.
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