What is happening to the relationship between risk aversion and the dollar/euro exchange rate?

The dollar has traditionally been a safe haven : when risk aversion is high, the dollar appreciates against the euro because capital flows into the dollar (to the United States) from other OECD countries, but also from emerging countries. We seek to determine whether the dollar still plays this safe-haven currency role when risk aversion is high nowadays , and what factors could have changed this role. We see that it has disappeared, at least against the euro, which can be explained by the sharp rise in US external debt, the decline in the dollar’s reserve currency role and the massive monetary expansion in the United States.