Dollar gains as investors brace for higher rates

SINGAPORE : The U.S dollar extended its rally on Monday, hitting a five-week high on the yen after U.S. Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

"Powell made it clear that there is no dovish pivot as some market participants had expected," Carol Kong, senior associate for currency strategy and international economics at Commonwealth Bank of Australia. Markets are now pricing in about a 64.5 per cent chance of a 75 basis point rate hike at the next Fed meeting in September.

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