A war between Russia and Ukraine would see a flight to the safety of the US dollar, Japanese yen, Swiss franc and gold, strategists at Rabobank report.

Russian and Ukrainian currencies to slump on an impactful war

“A ‘risk-off’ flight to the dollar, yen, Swiss franc and gold would be the near-term FX trades to a war starting.”

“EUR, caught up on the frontlines, would not be as well placed, more so if the Baltic is hit.”

“CNY is certain to remain de facto pegged to the dollar to try to show its stability.”

“The Russian and Ukrainian currencies would slump.”

See: EUR/USD to plummet towards 1.10 on mounting Russia/Ukraine tensions – Rabobank