FXStreet notes that the dollar has traditionally been a safe-haven currency. Its trade-weighted exchange rate, which is now appreciating, suggests that this is still the case but against the euro and the yen has been more or less stable, analysts at Natixis report.

“We see that since the start of the coronavirus crisis the dollar has b een quite stable against OECD currencies and appreciated markedly against emerging currencies.”

“The dollar is a safe-haven currency only with respect to emerging countries. As is usual during crises, capital is flowing out of emerging countries and returning to the dollar.”

“If the dollar had not been boosted by the capital flows from emerging countries, it would have depreciated against the euro and the yen.”