FINANCE & BANKING

The U.S dollar extended its rally on Monday, hitting a five-week high on the yen after U.S.

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Asian shares got off to a rocky start on Monday while the dollar remained in demand amid concerns most major central banks are committed to raising interest rates no matter the risks to growth.

In the battle to contain red-hot inflation, which topped nine percent in June, the Fed has hiked rates four times

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British two-year government bond yields surged on Wednesday to their highest level since the depths of the global financial crisis almost 14 years ago as stronger-than-expected inflation data fuelled bets on further Bank of England interest rate hikes.

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The safe-haven U.S. dollar hovered near a one-week high on Tuesday while the Aussie, euro and Chinese yuan remained under pressure as weak global economic data reignited recession fears.

The Bank of England will deliver another bumper 50 basis points (bps) increase to borrowing costs next month but then slow the pace to a more regular 25 basis point rise in November before pausing, a Reuters poll forecast.

The Bank of England would press on with plans to gradually sell its vast stock of British government bonds even if an economic slowdown eventually forces it to cut interest rates, Deputy Governor Dave Ramsden said.

Bank of England Governor Andrew Bailey pushed back at suggestions by the front-runner to become Britain's next prime minister Liz Truss and her supporters that the government should have a bigger role in how the central bank operates.

The Bank of England's top brass defended their record on Britain's monetary policy on Thursday, after a cabinet minister talked openly about diluting the central bank's operational independence.

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The dollar's strength has yet to peak, according to a majority of currency strategists polled by Reuters who were however divided on when the currency's advance would come to an end.

The Bank of England is expected to raise interest rates by the most since 1995 on Thursday, even as the risks of a recession mount, in an attempt to stop a surge in inflation from becoming embedded in Britain's economy.

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The Bank of England is now expected to lift borrowing costs by a bigger 50 basis points to 1.75% on Thursday as it battles soaring inflation, according to a Reuters poll taken over the past week after several economists changed their minds.

As high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting to feel financial pressure.

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The Bank of England must decide next week whether to join the ranks of central banks rushing out their biggest interest rate hikes in decades, or whether the warning signs of a recession mean it should tread more cautiously.

British financial regulators will have to promote the global competitiveness of the country's financial sector, though a plan for more government oversight of their work has been put on hold for now, finance minister Nadhim Zahawi said on Tuesday.

A top Bank of England official pushed back on Monday at suggestions from a leading candidate to become Britain's next prime minister that the government should set a "clear direction of travel" for monetary policy.

Central bankers around the world are scrambling to adjust to stubbornly high inflation at risk of getting further out of hand and forcing stronger policy actions that increase the risk of a global recession.

Britain's biggest domestic lender Lloyds Banking Group contacted 2 million of its 26 million customers in May after identifying they could need extra support to cope with soaring food and energy prices and rising debt costs.

Barclays is seeking a Chinese banking partner to set up an asset management joint venture in the country, two people with knowledge of the matter said, as part of British lender's plans to expand its footprint in the world's second-largest economy.

The euro languished at $1.01475, having lost 2.3% last week and briefly falling to its lowest since late 2002.

Sterling slumped against to a two-year low against the dollar on Tuesday as a crisis in British Prime Minister Boris Johnson's government compounded pressure on a currency already reeling from recession fears and a resurgent greenback.

The euro and sterling rose on Monday against safe-haven currencies, supported by improved global risk sentiment in a quiet trading session due to a holiday in the United States.

The financial sector should not bet on remaining deadlines changing for the phasing out of the use of Libor interest rates, Britain's Financial Conduct Authority (FCA) said on Wednesday.