SINGAPORE (APP) – The dollar rose in Asia currencies on Monday, boosted by expectations of a looming US interest rate hike, while the euro slid to a fresh seven-month low.

Mounting expectations the US will raise interest rates for the first time in almost a decade next month drove the greenback higher against emerging currencies.

San Francisco Fed president John Williams fuelled bets for a rise this weekend when he said there was a “strong case” for a hike in December, following bullish remarks from his colleague from St Louis on Friday.

“With the futures market pricing in a close to 70 percent odds of a December rate action, USD strength is likely to persist,” said Bernard Aw, market strategist at IG in Singapore.

The dollar rose against emerging market currencies such as the Taiwan dollar, Indonesian rupiah, Malaysian ringgit and Thai baht, as well as the Singapore dollar and Korean won.

The single currency, meanwhile, extended heavy losses from Friday when European Central Bank chief Mario Draghi pledged fresh action to boost eurozone inflation.

The euro dropped to its lowest point since April in Asia as investors bet the ECB could expand its stimulus programme when its governing council meets on December 3.

“It’s probably reasonable to think we can spend time down below $1.05 now,” Ray Attrill, co-head of currency strategy at National Australia Bank, told Bloomberg News.

At 0700 GMT, the dollar was trading at 123.17 yen, from 122.85 yen on Friday, while the euro bought $1.0622, down from $1.0641 in New York.

Japanese markets were closed on Monday. Singapore bank UOB said in a note that with the United States celebrating Thanksgiving Day on Thursday, currency trading is likely to be muted this week.