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Dollar hits 20-year high as Fed flags higher rates for longer

14 Sept 02:59 Key points summarised by AI

The U.S. dollar surged to a 20-year high against major currencies after Federal Reserve Chair Jerome Powell signaled interest rates would remain elevated to combat inflation.
This greenback strength pushed other major currencies, including the Japanese yen, offshore yuan, sterling, and euro, to new multi-year lows.
Markets are now largely pricing in a 75 basis point rate hike at the next Fed meeting, with investor focus shifting to the peak rates and their duration.

Today 12:56 Key points summarised by AI

President Macron condemned widespread rioting and looting during nationwide protests, blaming far-left activists and criminals for the "unrestrained violence" and vowing accountability for those who "sought to bring down the Republic."
Over 2,400 arrests were made as protests against rising living costs and poor school conditions escalated, causing extensive damage to public buildings and businesses in cities like Paris, Limoges (where City Hall burned), Marseille, and Lyon.
The unrest, which organizers hoped would revive the "yellow vest" movement, saw political leaders trade blame, with Macron instructing prefects to protect public buildings and potentially ban future protests to prevent further disorder.