Sharjah24 - Reuters: The dollar resumed its relentless rise on Thursday, driven by both expectations for faster Federal Reserve policy tightening and safe-haven flows amid growing fears of a recession.

The greenback charted new 24-year highs above 128 yen and edged back toward parity with the euro, after briefly breaching the level overnight.

Meanwhile, Singapore's dollar and the Philippine peso surged against their U.S. peer after their respective monetary authorities surprised by tightening policy in off-cycle moves.

The buck was 0.37% higher at 137.935 yen after reaching 138.015 for the first time since September 1998.

The euro weakened 0.39% to $1.0020. It touched $0.9998 on Wednesday for the first time since December 2002.

U.S. consumer price figures overnight showed inflation, already at four-decade highs, accelerating even further.

"The bottom line is U.S. inflation momentum is rising," Commonwealth Bank of Australia analyst Kristina Clifton wrote in a client note. 

"Stubbornly high inflation increases the risk that the FOMC continues to hike aggressively and triggers a recession," she said. "We expect that recession fears will continue to support USD."