Dollar hits 20-year high as markets hunker down for higher rates for longer

The U.S dollar climbed to a 20-year high against other major currencies on Monday after Federal Reserve Chair

Jerome Powell signalled interest rates would be kept higher for longer and bring down soaring inflation

which has been fueled in part by an economic expansion that some analysts say could end soon due t o stronger than expected growth abroad .

The American currency's value rose almost 3% against the Japanese yen earlier this month before edging up about 1 percent yesterday

following comments from policymakers about keeping policy accommodation levels high enough

The euro and Britain's pound took a dip in early trade on Monday morning, but it is unclear 

 Powell told the Jackson Hole central banking conference that he expects interest rates to rise as high as needed 

however there are concerns about global growth due an already fragile economic situation

among many countries around world including China which has seen its stock market crumble over recent weeks

affecting other sectors such commercial real estate along side finance institutions worldwide .