By Gina Lee

Investing.com – The dollar was down on Monday morning in Asia, starting the week near a 20-year high. Investors are now turning to the U.S. dollar due to concerns about global growth, while crypto markets seem to have found some stability following a turbulent week.

At 11:42PM ET (3:42 GMT), The Index that monitors the greenback against various currencies fell 0.02% to 103.438 (0.02% below its previous high). Shortly, Friday’s index soared to 105, marking its highest level since December 2002 after six consecutive weeks of gains.

It was down 0.2% at 128.89

Both the pair dropped 0.86% at 0.6879, and the pair plummeted 0.72% at 0.6237.

Inching up 0.6%, the pair reached 6.7934. It was 6.1%.

This pair fell 0.20% to 1.2236.

Because of concerns over the U.S. Federal Reserve’s ability to control high inflation and avoid causing recessions, investors have gravitated to the safe-haven greenback. There are concerns about the slowing of growth due to the conflict in Ukraine, and the economic consequences of China’s recent COVID-19 epidemic lockdowns.

“Broad Dollar strength is supported by an increasing global growth concern.” Barclays Analysts stated in a note that (LON)

Watch this week for U.S. Retail and Production data on Tuesday as well as remarks by several Fed officials. “The focus will be on any potential reiteration/pushback on the notion that 75-basis point rate hikes are off the table for now,” the note added.

According to CME’s Fedwatch Tool, markets are anticipating 50-basis point increases at the Fed’s next meeting. There is still the possibility for larger increases.

The disappointing Chinese data was also on investors’ minds.

According to Barclays, “A lower growth outlook for China is likely keep commodity G10 currencies sub pressure and the dollar supported.”

Because of the strength dollar and European economies’ exposure to wars in Ukraine (which was caused by the Russian invasion that took place on Feb. 24, 2017), the euro opened the week close to its lowest levels since early 2017. The week will see top European Central Bank officials speak.

The Japanese yen, which is based in Asia Pacific, was slightly less volatile on Monday morning. It traded at 129.43 Japanese yen/dollar. The currency managed to make gains for the first time since March 20,22, when it was at 129.43 yen per dollar. U.S. Treasury Yields have risen in recent weeks due to fears about an economic recession. Because yields in Japan are low, the yen could be exposed to lower U.S. yields.

Cryptocurrencies had a quiet weekend after the previous week’s turmoil driven by TerraUSD, a so-called stablecoin, breaking its dollar peg. After falling to $21,400 Thursday, the price was around $31,000. This is its lowest level since December 2020.