FXStreet reports that in past recessions, the US dollar has always appreciated significantly against all currencies. But today, this is the case against emerging countries' currencies, but not against the euro, as economists at Natixis note.

"The dollar is appreciating against emerging currencies due to large capital outflows from emerging countries."

"The dollar is not, as is usually the case, playing a safe-haven role with respect to the euro in this crisis because of the fact that the ECB has reacted much faster than in the past, the mutualisation of part of the euro zone's fiscal deficits and the expectations of a severe crisis in the United States due to the consequences of the very sharp rise in unemployment."