The Dollar remained under pressure on Thursday as fresh concerns about the US economy's growth prospects heightened expectations for a significant rate cut by the Federal Reserve this month.

The yen, meanwhile, outperformed, driven partly by its appeal as a safe-haven asset and also by the view that upcoming rate hikes from the Bank of Japan, in contrast to the global trend of monetary easing, would strengthen the currency as the gap between interest rates narrows.

At the time of writing, the Yen was up 0.26% at 143.36 per Dollar, after previously in the session rising to a one-month high of 143.20.

Global markets have been jittery, with stocks taking a significant hit following weaker-than-anticipated US economic data this week. This has reignited fears that the growth prospects for the world's largest economy may not be as optimistic as previously believed, and that the labour market could be cooling more rapidly than expected, Reuters reports.

“The markets are getting anxious,” stated Hemant Mishr, chief investment officer at S CUBE Capital in Singapore.

“There was a time when the markets were just focusing on positive news. There's a perceptible change, the market is now focusing on negative news and rationalising a sell-off.”

Indeed, data released on Wednesday revealed that US job openings fell to their lowest level in 3-1/2 years in July, indicating a slowdown in the labour market. 

This followed Tuesday's ISM manufacturing survey, which showed the sector remained in contraction.

“Job openings data for July showed few signs of the ongoing cooling in the labour market coming to an end. For the Fed, (the) data reaffirm that the labour market is no longer a source of inflationary pressure to the U.S. economy,” according to economists at Wells Fargo in a note.

The Dollar index, measuring the greenback against six rivals, was last up 0.02% at 101.28.

Meanwhile, the Euro edged down 0.05% to $1.1077, while the Sterling held steady at $1.3146.