The dollar hit a two-year high against major currencies on Monday after strong US jobs data late last week led traders to slash expectations for further interest rate cuts by the Federal Reserve.
The dollar index, which tracks the US currency against the yen, euro and other major currencies, reached its highest level since November 2022, with the pound falling 0.5 per cent to $1.216 — a new 14-month low.
Equities in China, India, South Korea and Australia also declined on Monday after the US payrolls report on Friday showed 256,000 jobs were added in December, blowing past consensus estimates and raising concern that a strong economy could slow the Fed’s pace of rate cuts.
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