LONDON—The safe haven dollar gained towards fresh two-decade highs versus major rival currencies on Monday, supported by fears over a global economic slowdown and bets on steep interest rate hikes by the U.S. Federal Reserve.
The yen was among a host of currencies swept lower on the day, to its lowest level versus the dollar since 1998, as the gap between Japanese and U.S. benchmark yields widened after red hot U.S. inflation data on Friday.
