SYDNEY, March 3 (Reuters) - The dollar remained under pressure in Asia on Monday amid much talk of a U.S. recession, while sharp losses in equities and renewed credit concerns lifted the safe-haven yen to a three-year high.

In early trading, the euro was buying $1.5193 <EUR=>, having finished at $1.5180 in New York on Friday. That was just off a fresh record high of $1.5238 hit after a string of weak U.S. economic data reinforced expectations for more rate cuts from the Federal Reserve, even as inflation bubbles higher.

Meanwhile, write-downs at U.S. insurer AIG (AIG.N: Quote, Profile, Research), talk of a snag in the bail-out of AMBAC (ABK.N: Quote, Profile, Research) and reports that potential losses from the subprime crisis could reach $600 billion combined to knock 2.7 percent off the S&P 500 share index .SPX.

The resulting flight to safety sent U.S. Treasury yields diving and boosted both the yen and Swiss franc as investors cut back on riskier carry trades.

On Monday, the dollar was down at 103.61 yen <JPY=>, from 103.85 yen late on Friday, lows not seen since March 2005. Traders were now eyeing 101.65 yen, a trough from January 2005.

The dollar also tumbled against the Swiss franc <CHF=> to stand at 1.0399 francs, its lowest in more than three decades.

While safe havens surged, risker high-yielding currencies like the Australian <AUD=> and New Zealand dollars <NZD=> both fell sharply as investors backed away from carry trades.

The U.S. dollar index DXY, which tracks its performance against a basket of currencies, was off 0.17 percent at 73.675, just above an all-time trough of 73.560 hit on Friday.

Analysts noted the coming week was packed with data and events, not least of which were policy meetings at six major central banks. The Bank of Canada was expected to cut rates, while in contrast the Reserve Bank of Australia is almost certain to hike.