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The safe-haven dollar held just below the month’s high against the yen on Friday and maintained overnight gains versus other peers amid growing worries that continued monetary tightening at the world’s biggest central banks could trigger a recession.

The dollar index, which gauges the currency against the euro, yen and four other peers, edged 0.06% lower to 104.45 in early Asia trading, but following a 0.85% surge overnight, its biggest since late September.The dollar index, which gauges the currency against the euro, yen and four other peers, edged 0.06% lower to 104.45 in early Asia trading, but following a 0.85% surge overnight, its biggest since late September.

“It has been a big night in markets, with the modestly ‘risk-off’ reaction to the Fed on Wednesday from what was seen as a slightly more hawkish than expected set of outcomes, greatly exacerbated by the messaging out of the ECB’s meeting,” Ray Attrill, head of foreign-exchange strategy at National Australia Bank, wrote in a note.

The dollar climbed as high as 138.18 yen on Thursday for the first time since November 30, ending that day with a 1.68% gain.

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