After recording its strongest week in two months, the US dollar traded in a consolidative manner this week, with the dollar index oscillating between 98.80 and 99.40. The greenback started Monday on a strong footing following fresh Middle East tensions, including hostile rhetoric between US and Iranian officials, as well as drone attacks.
Germany IFO – Business Climate came in at 84.9, above expectations (84.2) in May
Bitcoin, Ethereum, and Ripple extend their recovery after recent corrective moves. BTC is trading above $77,700 after finding support around major levels, and ETH is near the key resistance zone, where a breakout could trigger further rebounds. Meanwhile, XRP approaches its upper boundary of the falling channel; a close above signals a bullish move.
Swiss Franc flattens against US Dollar as investors await US-Iran deal announcement
The Swiss Franc trades flat against the US Dollar (USD) around 0.7870 during the Asian trading session on Friday. The USD/CHF pair consolidates as investors await the confirmation of a prolonged peace deal between the United States (US) and Iran, following the announcement that both sides have reached a “final draft” with mediation from Pakistan.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally higher to near 99.27.
On Thursday, market sentiment turned favorable for riskier assets after the Iranian Labour News Agency (ILNA) reported that a final draft between Washington and Tehran has been reached and a deal can be announced within next few hours.
However, Iran still seems not ready to surrender its enriched uranium and wants recognition of its authority on the Strait of Hormuz, Reuters reports.
On the economic data, front preliminary S&P Global Composite PMI data for May has come in steady at 51.7 as an unexpected strong growth in the manufacturing sector activity offsets the impact of moderate expansion in the Services PMI.
In the Swiss economy, investors seek fresh cues regarding whether the Swiss National Bank (SNB) will call for an exit from its dovish monetary policy stance due to rising global inflationary pressures amid elevated oil prices.
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022.
Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates.
When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
Hyperliquid hits new record high amid rising trading volumes and institutional demand
Hyperliquid’s native token HYPE surged to a fresh all-time high above $62 on Thursday, driven by strong institutional inflows and sustained momentum in decentralized perpetual futures volume.
The exchange remains the clear leader in the perpetual decentralized exchange (DEX) sector, controlling roughly 55% of total value locked (TVL) among decentralized perpetual exchanges. Its own TVL stood at $4.7 billion as of April 30, out of an estimated $7 billion across the entire sector.
Hyperliquid commands 55% of perpetual DEX TVL amid sector growth
The platform processed around $190 billion in trading volume in April alone, accounting for approximately 3.9% of total global perpetual exchange activity and placing it among the top 10 venues overall.
The rapid growth has been fueled by real-world asset (RWA) perpetuals and commodity-linked contracts, with commodities now representing about 30% of its open interest. The ability to trade assets such as Oil 24/7 has proven particularly attractive to users seeking broader market exposure.
Bitwise CEO Hunter Horsley recently highlighted strong investor appetite for Hyperliquid exposure, noting $8.8 million in inflows into the Bitwise Hyperliquid ETF (BHYP) on Wednesday, alongside $18.5 million in trading volume.
Bitwise previously stated it will begin allocating 10% of the ETF’s management fees toward holding HYPE on its balance sheet. The move mirrors Hyperliquid’s own tokenomics model, where 99% of blockchain revenue is directed toward buybacks, token burns, and ecosystem incentives.
Grayscale also reportedly purchased $10 million in HYPE, adding to the surge in institutional inflows over the past week, according to on-chain data.
The platform’s rise comes amid a broader structural shift toward decentralized derivatives trading.
The top 12 perpetual DEXes recorded an average monthly trading volume of $611.57 billion in the first four months of 2026, up from $531.65 billion in 2025, according to CoinGecko’s perpetuals report on Thursday.
This growth contrasts with centralized exchanges. The top 11 perpetual CEXes saw average monthly volumes fall 34%, declining from $7.11 trillion in 2025 to $4.69 trillion year-to-date.
As a result, the perp DEX-to-CEX volume ratio remains elevated at around 10% as of April 2026, after peaking at 13% in late 2025. This signals sustained user migration toward decentralized platforms.
Perpetual DEXes are also capturing a growing share of futures positioning. Their share of total crypto open interest (OI) has climbed to 13.5% as of late April, even as overall market OI declined from $120.35 billion at the start of 2025 to $99.09 billion.
Meanwhile, exchanges like MEXC and BingX have led the way in new perpetual contract listings between January 2025 and April 2026, adding 879 and 565 pairs, respectively, with a focus on longer-tail assets.
HYPE is trading at $58, up 7% at the time of writing, with weekly gains surging to 32%. Short liquidations on HYPE futures also surged to $37 million, according to Coinglass data, with popular short trader loracle down $30 million across his HYPE short positions.
Dow Jones Industrial Average surges as a possible US-Iran deal lands within hours
For most of Thursday the Dow Jones Industrial Average looked heavy, sliding to a session low near 49,700 as firmer Oil and a stubborn rise in yields did the work a static Federal Reserve (Fed) would not. Then the headline hit. Iranian state media, citing Al Arabiya, reported that a final draft of a US-Iran agreement had been reached through Pakistani mediation and could be announced within hours. The index ripped, erasing the slump and powering back above 50,000 to print fresh session highs toward 50,350 at the time of writing. The mechanism is straightforward. The single biggest weight on this market has been a war that kept Oil bid and inflation sticky, and a deal threatens to lift it.
Why a peace deal is a rate story
The reason equities care so much about a far-off chokepoint is that it runs straight through the inflation pipeline. Crude pushing toward triple digits has been one of the main reasons the most recent inflation reading sits near 4% YoY, well above the 2% target, and one of the main reasons Fed funds futures have priced the central bank on hold through the rest of 2026 with a rising tail risk of a hike. Take Oil out of the equation and that arithmetic softens fast. A deal that cools energy prices is a deal that hands the Fed room it does not currently have. The Dow, packed with rate-sensitive industrials and financials, is the index that benefits most directly, which is why it led the afternoon charge.
Yields and mortgages were the bear case, and the deal undercuts them
Before the headline, the bond market had been tightening on its own. The 10-year Treasury yield pushed back toward the mid-4% area as firmer Oil revived inflation fears, and the 30-year mortgage rate climbed to around its highest since last summer, closing in on the 7% mark. That was the squeeze pressuring the rate-sensitive corners of the tape. A credible de-escalation pulls the rug from under that trade. Lower Oil means lower breakevens, lower breakevens mean lower yields, and lower yields mean relief for everything from homebuilders to financials. Thursday’s data did little to settle the direction on its own, with firm housing starts and Initial Jobless Claims near 209K running into a Philadelphia Fed manufacturing survey that collapsed into negative territory. The deal headline simply overwhelmed all of it.
The catch the rally is ignoring
Here is the discomfort. The market has bought the peace trade before and been burned. Deadlines slipped through March and April, ceasefires were declared and then broken, and the mediators briefing reporters are still describing an agenda for talks rather than a signed agreement. Tehran and Washington remain apart on the length of any nuclear freeze, and Pakistan’s army chief is reportedly heading to Tehran because the gap is not closed. So Thursday’s surge is the market front-running an announcement, not banking a result. If the deal slips again, the Oil premium and the yield squeeze come straight back, and the Dow gives this move back as quickly as it took it.
What Friday brings
The new era starts in earnest tomorrow. Kevin Warsh, the rate-cut champion President Trump installed after the closest Fed chair confirmation vote in modern history, is sworn in as chair, with outgoing chair Jerome Powell keeping his board seat and his vote. The swearing-in is ceremonial, but any early read on tone will be parsed hard, especially if a deal has reshaped the inflation outlook overnight. More tradeable is the University of Michigan (UoM) sentiment release, where consensus sees 1-year inflation expectations near 4.5% and the 5-year measure around 3.4%. A cooler print, helped along by falling Oil, would hand the new chair the cover he needs. A speech from Fed governor Christopher Waller offers another chance for the rate path to wobble. The irony writes itself: Warsh spent months arguing there was room to cut, and a peace deal he had nothing to do with may be the thing that finally proves him right.
Dow Jones 60-minute chart
Dow Jones FAQs
The Dow Jones Industrial Average, one of the oldest stock market indices in the world, is compiled of the 30 most traded stocks in the US. The index is price-weighted rather than weighted by capitalization. It is calculated by summing the prices of the constituent stocks and dividing them by a factor, currently 0.152. The index was founded by Charles Dow, who also founded the Wall Street Journal. In later years it has been criticized for not being broadly representative enough because it only tracks 30 conglomerates, unlike broader indices such as the S&P 500.
Many different factors drive the Dow Jones Industrial Average (DJIA). The aggregate performance of the component companies revealed in quarterly company earnings reports is the main one. US and global macroeconomic data also contributes as it impacts on investor sentiment. The level of interest rates, set by the Federal Reserve (Fed), also influences the DJIA as it affects the cost of credit, on which many corporations are heavily reliant. Therefore, inflation can be a major driver as well as other metrics which impact the Fed decisions.
Dow Theory is a method for identifying the primary trend of the stock market developed by Charles Dow. A key step is to compare the direction of the Dow Jones Industrial Average (DJIA) and the Dow Jones Transportation Average (DJTA) and only follow trends where both are moving in the same direction. Volume is a confirmatory criteria. The theory uses elements of peak and trough analysis. Dow’s theory posits three trend phases: accumulation, when smart money starts buying or selling; public participation, when the wider public joins in; and distribution, when the smart money exits.
There are a number of ways to trade the DJIA. One is to use ETFs which allow investors to trade the DJIA as a single security, rather than having to buy shares in all 30 constituent companies. A leading example is the SPDR Dow Jones Industrial Average ETF (DIA). DJIA futures contracts enable traders to speculate on the future value of the index and Options provide the right, but not the obligation, to buy or sell the index at a predetermined price in the future. Mutual funds enable investors to buy a share of a diversified portfolio of DJIA stocks thus providing exposure to the overall index.
XRP consolidates as network activity improves
Ripple (XRP) remains calm, trading around $1.37 at the time of writing on Thursday. The current sideways action follows a subtle recovery from support at $1.35, and reflects broader optimism for a US-Iran peace deal.
Iran is reportedly reviewing a peace proposal from the US, delivered through Pakistan, the mediator. US President Donald Trump said on Wednesday that the two countries are in the final stages of peace negotiations. However, Trump added that the situation could escalate if Iran does not make a deal, prompting caution across global markets.
Network activity builds on the XRP Ledger
The number of active addresses on the XRP Ledger (XRPL) has gained traction since Monday, nearing 24,000 on Thursday, according to Santiment data. Active addresses track wallets that interact with the network by sending or receiving assets over a given period.
A steady increase suggests growing user engagement and speculative interest. At the same time, investor confidence tends to improve when on-chain activity affirms price strength and reduces bearish conviction.
Institutions are showing mild speculative interest, as XRP spot Exchange-Traded Funds (ETFs) extended their bullish streak with inflows totaling $1.45 billion on Wednesday. According to SoSoValue, cumulative XRP ETF inflows have stabilized at $1.39 billion, with average net assets under management at $1.13 billion. Sustained ETF growth will be crucial to bolstering bullish sentiment and underpinning XRP’s near-term rebound.
Price analysis: XRP consolidation persists
XRP trades around $1.37, keeping a bearish near-term bias as price holds below all its major Exponential Moving Averages (EMAs) and a recently broken rising trendline. The 50-day EMA at $1.41, backed by the ascending trendline around $1.40, acts as immediate overhead supply, while the 100-day and 200-day EMAs, at $1.48 and $1.70 respectively, reinforce the broader topping tone.
Momentum supports this cautious view, with the Relative Strength Index (RSI) hovering near 43 and the Moving Average Convergence Divergence (MACD) histogram in negative territory, hinting that rallies are likely to face selling pressure.
On the topside, initial resistance emerges at the former trendline support turned barrier near $1.40, followed closely by the 50-day EMA at $1.41, forming a nearby cap that bulls would need to reclaim to ease immediate downside pressure. Above that, the 100-day EMA at $1.48 and the 200-day EMA near $1.70 define progressively stronger resistance zones that currently frame the broader bearish structure. If selling activity overwhelms demand, XRP may drop to retest support at $1.35, with a deeper correction likely to extend toward $1.30.
(The technical analysis of this story was written with the help of an AI tool.)
Cryptocurrency metrics FAQs
Brent: Market reacts to Iran headlines – ING
ING analysts Warren Patterson and Ewa Manthey say the Brent market remains highly sensitive to Iran-related news, with prices dropping sharply on renewed hopes of a US-Iran agreement and improved tanker flows through the Strait of Hormuz. Their base case projects Brent averaging $104/bbl this quarter before easing into the $90s later in the year, contingent on recovering Persian Gulf exports.
Brent outlook hinges on Hormuz flows
“The oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the US and Iran are progressing.”
“The latest report suggests that the US is in the “final stages” with Iran, raising hopes for an end to the war and reopening of the Strait of Hormuz.”
“Our base case sees Brent averaging $104/bbl this quarter.”
“Then, we see oil trading into the $90s in the second half of the year, assuming that Strait of Hormuz oil flows amount to around 4m b/d by the end of May.”
“We will need to see this trend of tankers passing through the Strait of Hormuz continue for our base case to hold.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
EUR/USD Price Forecast: Consolidates above 1.1600 as Iran risks, hawkish Fed support USD
The EUR/USD pair struggles to capitalize on the previous day’s bounce from the 1.1585-1.1580 region, or its lowest level since April 7, and seesaws between tepid gains/minor losses during the Asian session on Thursday. Spot prices, however, manage to hold above the 1.1600 mark as traders await further developments surrounding the Middle East crisis.
Despite renewed hopes for a de-escalation in the Iran conflict, investors remain skeptical about a US-Iran peace deal amid major disagreements over Tehran’s nuclear program and a standoff over the critical Strait of Hormuz. Furthermore, hawkish FOMC Minutes reaffirmed bets for an interest rate hike in 2026, which helps limit the US Dollar’s (USD) corrective pullback from a six-week low and acts as a headwind for the EUR/USD pair.
From a technical perspective, spot prices maintain a bearish near-term bias beneath the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 50% Fibonacci retracement level of the March-April upswing. Adding to this, the 14-period Relative Strength Index (RSI) hovers in the low-40s, hinting at subdued upside momentum. However, the overnight resilience below the 61.8% Fibo. level warrants some caution for the EUR/USD bears.
Moreover, the Moving Average Convergence Divergence (MACD) (12, 26, close, 9) stabilizes slightly above the zero line with modest positive readings. This suggests that recent downside pressure is easing but not yet reversing the broader capped tone. Hence, any subsequent slide might continue to find support at the 61.8% Fibo. around 1.1591; a break there would expose the 78.6% level at 1.1522 ahead of the structural floor near 1.1433.
On the topside, immediate resistance emerges at the 50.0% retracement at 1.1640, followed by the 38.2% Fibo. near 1.1689, with the 200-period SMA at 1.1712 and the 23.6% retracement at 1.1749 reinforcing a dense supply zone higher up.
(The technical analysis of this story was written with the help of an AI tool.)
EUR/USD 4-hour chart
US Dollar Price This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.01% | -0.80% | 0.14% | 0.08% | 0.31% | -0.31% | 0.03% | |
| EUR | 0.01% | -0.81% | 0.22% | 0.08% | 0.30% | -0.24% | 0.01% | |
| GBP | 0.80% | 0.81% | 0.98% | 0.89% | 1.12% | 0.57% | 0.81% | |
| JPY | -0.14% | -0.22% | -0.98% | -0.12% | 0.09% | -0.51% | -0.16% | |
| CAD | -0.08% | -0.08% | -0.89% | 0.12% | 0.23% | -0.39% | -0.10% | |
| AUD | -0.31% | -0.30% | -1.12% | -0.09% | -0.23% | -0.54% | -0.20% | |
| NZD | 0.31% | 0.24% | -0.57% | 0.51% | 0.39% | 0.54% | 0.23% | |
| CHF | -0.03% | -0.01% | -0.81% | 0.16% | 0.10% | 0.20% | -0.23% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Japan Jibun Bank Services PMI declined to 50 in May from previous 51
Gold clings to its daily gains, navigating the $4,530 region per troy ounce in the latter part of Wednesday’s NA session. In the meantime, upside attempts remain limited as rising inflation concerns, expectations of a more hawkish Fed and escalating geopolitical tensions in the Middle East continue to underpin the US Dollar and weigh on the yellow metal.
Forex Today: US Dollar softens as Fed caution meets improving US-Iran optimism
Here is what you need to know for Thursday, May 21:
The US Dollar Index (DXY) trades with a softer tone near the 99.10 region as improving market sentiment reduces safe-haven demand for the Greenback. The Federal Open Market Committee (FOMC) Meeting Minutes released on Wednesday showed Federal Reserve (Fed) officials remain concerned about persistent inflation pressure and prefer to wait for clearer evidence before considering interest rate cuts, helping US Treasury yields stabilize.
Optimism increased after reports indicated that negotiations between the United States (US) and Iran are progressing, with US President Donald Trump saying that the US is in the “final stages” of talks with Iran, according to a White House pool report.
During a press conference at Joint Base Andrews, Trump delivered a typical mixed message regarding the ongoing diplomatic efforts. He stated, “We’ll see what happens,” and emphasized that a deal could be reached. He added, “If not, we may resort to some tough measures, but hopefully that won’t be necessary.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.23% | -0.39% | -0.17% | -0.00% | -0.73% | -0.72% | -0.30% | |
| EUR | 0.23% | -0.17% | 0.07% | 0.23% | -0.51% | -0.48% | -0.07% | |
| GBP | 0.39% | 0.17% | 0.23% | 0.40% | -0.36% | -0.32% | 0.09% | |
| JPY | 0.17% | -0.07% | -0.23% | 0.17% | -0.57% | -0.51% | -0.13% | |
| CAD | 0.00% | -0.23% | -0.40% | -0.17% | -0.73% | -0.66% | -0.30% | |
| AUD | 0.73% | 0.51% | 0.36% | 0.57% | 0.73% | 0.03% | 0.43% | |
| NZD | 0.72% | 0.48% | 0.32% | 0.51% | 0.66% | -0.03% | 0.41% | |
| CHF | 0.30% | 0.07% | -0.09% | 0.13% | 0.30% | -0.43% | -0.41% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
EUR/USD rebounds toward the 1.1630 region as the softer US Dollar (USD) supports the shared currency. On another note, an ECB rate hike is very likely in June as the inflation outlook is moving toward the adverse scenario.
GBP/USD rises near the 1.3450 zone, benefiting from broad USD weakness and the improved risk environment.
USD/JPY falls toward the 158.80 region as declining US Treasury yields and softer safe-haven demand pressure the pair.
AUD/USD climbs near the 0.7160 region as investors focus on Australia’s upcoming Employment Change report. Markets expect around 17.5K jobs to have been added in April, while the Unemployment Rate is forecast to remain at 4.3%.
West Texas Intermediate (WTI) Oil fell near $98.30 per barrel as talk of negotiations between the US and Iran reduced fears of supply disruptions in the Middle East.
Gold surged toward the $4,550 region as safe-haven demand left the USD and if now focused on the precious metal.
What’s next in the docket:
Thursday, May 21:
- Australia May Consumer Inflation Expectations
- Australia April Labor Market Data (Employment Change, Participation Rate, Unemployment Rate)
- Germany April Producer Price Index
- Switzerland Q1 Industrial Production
- France May Preliminary HCOB PMIs
- Germany May Preliminary HCOB PMIs
- EU May Preliminary HCOB PMIs
- UK May Preliminary S&P Global PMIs
- US April Housing Data (Building Permits, Housing Starts)
- US Initial Jobless Claims, May Philadelphia Fed Manufacturing Survey
- US May Preliminary S&P Global PMIs
- EU May Preliminary Consumer Confidence
- NZ Q1 Retail Sales
- UK May GfK Consumer Confidence
- Japan April CPI
Friday, May 22:
- Germany Q1 Gross Domestic Product
- UK April Retail Sales
- Germany May IFO Survey (Business Climate, Current Assessment, Expectations)
- Canada March Retail Sales
- US May Michigan Consumer Sentiment and Inflation Expectations
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.