In the recent period there has been a completely counterintuitive mechanism: the Dollar is a safe haven currency and appreciates, even when difficulties arise in the United States, analysts at Natixis report.

In the spring of 2023, all ingredients are normally in place for the USD to weaken

“In the spring of 2023, all the ingredients are normally in place for the Dollar to weaken: Very weak growth prospects in the United States; Risk of default on US public debt due to the debt ceiling; Banking crisis affecting more and more regional banks; Consumer confidence indices down in April.”

“However, the Dollar is not depreciating but, on the contrary, appreciating against all currencies: the USD is a safe haven even when the United States is in trouble, which is paradoxical.”