SINGAPORE : The U.S dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.
Sterling fell to a 2-1/2-year low of $1.1656 and was last down 0.5 per cent to $1.16715, while the euro fell 0.36 per cent to $0.9929. "I think for this week, the is going to track even higher towards 110 points, just as market participants continue to price in more aggressive tightening cycles by the major central banks."
Russian state energy giant Gazprom is expected to halt natural gas supplies to Europe via its main pipeline from Aug. 31 to Sept. 2 for maintenance.
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