The dollar is little changed against its rivals early Monday in New York but remains under pressure amid swirling concerns over U.S. subprime mortgage problems that pushed the greenback to fresh lows during overnight trading. The greenback hit a six-week low versus the yen of Y120.80 overnight while the euro briefly touched a fresh lifetime high versus of $1.3846 as U.S. Treasury yields, which dipped sharply Friday on subprime worries, remained low. The 10-year note is currency trading at around 4.96%, after dipping to 4.93% overnight. "Credit risk issues as well as the ongoing subprime debacle in the U.S. continue to plague the dollar," said Dustin Reid, foreign exchange strategist at ABN Amro Bank in Chicago. There is no important U.S. data out Monday, and thus price action in the greenback is likely to be guided by movements in U.S. bonds and equity markets. Early Monday, the euro was at $1.3818 from $1.3825 late Friday, while the dollar was at Y121.34 from Y121.24, according to EBS. The euro was at Y167.70 from Y167.59 late Friday, while sterling stood at $2.0579 from $2.0551. The dollar was at CHF1.2047 from CHF1.2004 late Friday. The dollar pulled back to as low as Y120.80 overnight, its lowest mark since June 8, as carry trade investors, who borrow yen at low interest rates to buy higher-yielding assets, unwound their positions amid concerns that the U.S. subprime woes could start shaking up global markets. The dollar recovered somewhat early in New York, however, as traders saw the dip in the greenback as an opportunity to snatch it up at cheap rates. Meanwhile, the yen also moved in a volatile fashion against the euro overnight. The 13-nation currency surged to a fresh lifetime high of Y169.05 as soon as the session began, only to fall back to as low as Y167.07, before strengthening again early in New York. The Japanese currency's sharp movements are cause for concern over the general well-being of the popular carry trade, which relies on on a steady yen, analysts said. "It remains to be seen if (the yen's recent volatility) will develop into a larger bout of risk aversion and an upward correction in the yen," said Robert Lynch, currency strategist at HSBC in New York. "But given the ongoing (and currently increased) concerns about the U.S. subprime issues...the conditions for a correction seem to be building." Meanwhile, the Australian and New Zealand dollars hit fresh cyclical highs against the U.S. dollar overnight, with New Zealand's kiwi currency climbing above the $0.80 level for the first time in a quarter of a century. Elsewhere, sterling rose above $2.06 overnight for the first time in 26 years, but dipped back below that level after weaker-than-expected housing data out of the U.K. Data from U.K. online estate agency Rightmove showed house prices in mid-July rose 0.3% on the month to GBP240,001, the lowest monthly rise this year. This was a slowing from 0.8% in the June report.