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

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

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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 .

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

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following comments from policymakers about keeping policy accommodation levels high enough

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

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

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

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

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

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