Demand for safe-haven currencies increased as markets entered the European session.
This is shown in the movement of the yen currency which recorded a gain of about 1.2% against the US dollar, bringing it firmly to trade at around the price of 133.40.
Compared to other currencies, the yen strengthened 0.8% against the euro and the pound, rose 0.4% against the Aussie and New Zealand dollars, and gained 0.7% against the Canadian dollar.
Meanwhile, the Swiss franc was also stronger against the US dollar, jumping 1% to trade around 0.9118 at the start of the European session.
Gold also edged higher, rising to a fresh 6-week high of $1,891 an ounce.
The US dollar, on the other hand, remained trading around the lowest level despite erasing some of the losses recorded earlier, seeing the dollar index trade at 104.10.
The New York session market is expected to be more lively with the opening of the United States stock market which has fallen sharply last week due to the Silicon Valley Bank (SVB) crisis.
Although the US government and the Federal Reserve (Fed) have announced support measures for SVB and other affected banks in the Asian session today, but investor concerns are still high.
In the wake of this crisis as well, markets have reduced expectations for the Fed to act aggressively at next week's FOMC policy meeting
In fact, Goldman Sachs also changed its expectation that the US central bank would not implement an interest rate hike at the March meeting due to the uncertainty arising from the SVB crisis.
Following that streak, the 10-year US bond yield slipped lower to 3.50%, at the time of writing.
