By Gina Lee

Investing.com – The dollar was down on Thursday morning in Asia. Safe-haven currencies pressed paused after the previous session’s big gains. There are increasing concerns that the U.S. Federal Reserve’s tighter monetary policy and global central banks may have an impact on economic growth.

At 11:42PM ET (3:42 GMT), The Greenback Against a Basket of Other Currency Index showed a 0.03% drop to 103.65 (0.03%) The small loss comes after a 0.55% jump during the previous session that ended the U.S. currency’s three-day losing streak.

Following a tumble of 0.86% on Wednesday, the pair went up 0.4% to 128.76. Data for April 2022 was published earlier in the day. It showed that it rose 12.5% and rose 28.2% respectively. The contracted value of the contract to -JPY839.2 Billion (-$6.51 Billion)

The Swiss Franc, another safe-haven asset continued to grow. After a drop of 0.6%, the dollar fell another 0.13% and dropped to 0.9869 Franc.

Both the pair rose 0.733% to 0.7004 while the other rose 0.56% or 0.6330.

This pair increased by 0.8% to 6.7600. The pair also increased by 0.32%, to 1.2378.

Tokyo trade saw the benchmark steady at 2.899%. This is down from 3.015% during the session before.

But, investors remain cautious despite recent rallies in safe-haven investments. Asian stocks fell and U.S. Futures dropped, following a decline of 4% and a fall of 5% respectively for the Nasdaq and Asian stock futures.

Weak U.S. Housing Data on Wednesday contributed to fears of economic slowdown. The numbers were at 1.81 million, but fell 3.2% by April 2022.

Jerome Powell, Fed chairman, was hawkish earlier this week. He stated that the U.S. central banks would raise interest rates to stop an inflation surge that could threaten the economic foundation.

Powell’s position “makes is difficult to achieve a soft landing” for the U.S. Economy given the long delays between changes in monetary policies and inflation changes,” Joseph Capurso, currency strategist at Commonwealth Bank of Australia (OTC) stated in a note.

“The U.S. economy is in a darkening period supports the dollar”

The euro recovered some losses, and rose 0.25% at $1.0489 to $1.0489 following Wednesday’s slump of 0.84%. The pound remained under pressure after falling 1.2% overnight, with Wednesday’s data showing that the U.K.’s consumer price index grew 9% year-on-year in April 2022. This is the largest growth in over 40 years.

Back in Asia Pacific, the Australian dollar shook off a smaller-than-forecast increase in the , which was 4,000 in April 2022. According to the latest employment data, the had a 92,400 population and 3.9%.