Currencies: The only safe-haven assets are the yen and the Swiss franc – Natixis

At this stage of the coronavirus crisis, we see that the only remaining safe-haven assets are the yen and the Swiss franc, and to a lesser extent the dollar, according to analysts at Natixis.

Key quotes

“If we look at developments in February and March 2020, we see that the only safe-haven assets have been the yen and the Swiss franc.”

“Risk-free bonds, the dollar, gold and bitcoin, are no longer safe-haven assets today because the expected rise in fiscal deficits  is worsening all countries' creditworthiness and because some investors, who are faced with savers' withdrawals, are selling liquid assets, thereby contributing to the decline in share prices.”