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Ammon News - Japan's yen hit its highest levels against the dollar since January on Monday, as markets extended moves triggered last week after weak U.S. labour data stoked recession worries and expectations of deeper rate cuts by the Federal Reserve.

Friday's jobs data, coming on top of a string of weak earnings reports from large technology firms and heightened concerns over the Chinese economy, drove a global sell-off in stock markets, oil and high-yielding currencies as investors sought the safety of cash.

The selling continued on Monday, with U.S. Treasury yields falling further, stock indexes in the red, bitcoin dumped and the dollar losing ground mainly to the yen.

High-yielding currencies such as the Indian rupee and Mexican peso tumbled, while currencies that had hitherto been used for funding investments, such as the yen and China's yuan, rallied strongly.

The carry-funding favourite currency, the yen, traded at 143 , up 2.3% versus the dollar and at levels last seen on January 2. It rose as far as 142.20.

The Swiss franc , another popular funding currency, was up more than 1% at 0.8488 to the dollar.

The euro was up 0.2% $1.0937 , the dollar index was down 0.4% at 102.72, while the Australian dollar fetched $0.6488 and was down 0.36%.

Reuters