Is there still a safe-haven currency in recessions?
In past recessions before the subprime crisis, the dollar was a safe-haven currency, mainly because of the security and liquidity of US Treasury debt. However, during the COVID crisis the dollar was no longer a safe-haven currency, for both structural reasons (loss of confidence in the dollar's solidity) and cyclical reasons (severity of the economic crisis in the United States). So what has happened? Has another currency replaced the dollar as a safe-haven currency? Are assets other than currencies playing a safe - haven role ? Since the spring of 2020 we have seen that: While the dollar has depreciated against all other currencies, no one currency has appreciated particularly against the others; The safe-haven assets are different: gold and other precious metals, cryptocurrencies.