By Myra P. Saefong, MarketWatch
TOKYO (MarketWatch) -- The U.S. dollar strengthened against the euro late Monday morning in Asia, with the euro continuing to trade at its weakest levels in about four years on disappointing U.S. jobs data and as Hungary's fiscal situation prompted fresh concern over Europe's debt woes.
Against the dollar, the euro (CUR_EURUSD 1.1937, -0.0007, -0.0586%) traded at $1.1896, down from $1.1966 late in North American trading Friday -- the day it broke the key level of $1.20 for the first time since late March 2006.
The dollar index (DXY 88.40, +0.16, +0.19%) , which tracks the U.S. unit against a basket of six major currencies, rose to 88.61 from 88.30 late Friday in North American trading. See Friday's Currencies report.
The communiqué and officials' comments around the Busan, South Korea meeting of the Group of 20 major economic powers were "distinctly more cautious on the outlook for global growth, with the emergence of the European debt crisis and the impact that fiscal consolidation in Europe will have on global growth," analysts at Barclays Capital said in a research note Monday. Read more on G20 meeting.
"The disappointing US non-farm payrolls outcome, in particular the print of only 20,000 jobs added in ex-census hiring, also led to more cautious assessments of global growth," the Barclays analysts said. Read about the U.S. jobs data.
Meanwhile, the Japanese yen edged higher against the U.S. dollar. The yen "benefited from its role as a safe-haven currency," analysts at Credit Suisse said in a note to clients Monday.
The dollar (CUR_USDYEN 91.3200, -0.4900, -0.5338%) fell versus the yen to trade at ¥91.11, down from ¥91.88 in North American trading late Friday. The euro (CUR_EURYEN 112.5900, -0.3400, -0.3011%) changed hands at ¥108.28, down from ¥110.00 Friday.
"All-in-all, this week is unlikely to see a let up in pressure on risk trades and the week will start much as last week ended," said Mitul Kotecha, head of global FX strategy at Credit Agricole, in a note to clients.
"Renewed doubts about German participation in the [European Union/International Monetary Fund] rescue package, with the constitutional court potentially blocking Germany's contribution will only add to the pressure" on the euro, he said.
