The US dollar – still a safe haven?


Rising tensions in the Middle East in recent weeks have caused crude oil prices to spike by 15%, developed market equities to fall by around 4% and developed market bonds to shed 20–50 basis points in yield. Yet the US dollar has failed to benefit from this rise in risk aversion, with the US dollar index (DXY) falling more than 2% over the past two weeks and the dollar down against every G-10 currency except the New Zealand dollar.

Not surprisingly, the US dollar’s safe-haven status is being

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