The safe-haven dollar held close to a 14-month high against the euro on Thursday as a surge in energy prices fuelled worries that inflation could crimp economic growth while also prodding the Federal Reserve to act sooner to normalise policy. The dollar index, which measures the greenback against a basket of six rivals, was little changed at 94.188 from Wednesday, following a nearly 0.5% climb over the past two sessions. The index hit a one-year high of 94.504 last week. The Japanese yen, another safe haven, was mostly flat at 111.375 per dollar, near the middle of its range of the past week and a half. Overnight, crude oil rallied to a seven-year high before taking a breather from its recent torrid gains, while natural gas jumped to a record peak in Europe and coal prices from major exporters also hit all-time highs. The Federal Reserve, which has till now mainly contended that inflationary pressures will prove transitory, has said it is likely to begin reducing its monthly bond purchases as soon as November, before following up with interest rate increases. Employment has been the Fed’s other main focus, and the closely watched non-farm payrolls report on Friday could provide additional clues to the timing of the Fed’s next moves. U.S. private payrolls increased more than expected in September as COVID-19 infections started subsiding, allowing Americans to travel, frequent restaurants and reengage in other high-contact activities, the ADP National Employment Report showed on Wednesday.