with Mati Greenspan
The Dollar Frown
Out of all the outrageous market movements lately, the fall of the US Dollar is probably the most under-reported.
Usually, the USD tends to play a supportive role and acts as a sort of safe haven during times of crisis. The Dollar Smile is a theory that states that the USD should do well when the economy is good because people will want to take advantage of the opportunities and that it should do well when times are bad because people will use it as a safe haven.
However, in this time of extreme stress we’re getting a real chance to examine the strength of the world’s reserve currency. At least for the moment, it’s not the US Dollar but the Japanese Yen that is filling the safe haven role today.
Here we can see the relative movements of the Forex market today. The USD is down sharply against just about everything except the Canadian Dollar, which is no doubt suffering off the slide in crude oil.
If we zoom out though, we can see that the USDJPY has been one of the biggest movers off the recent volatility.
Back to Mirror Mode
Source: https://www.cryptomorrow.com/2020/03/09/digital-asset-daily-fear-turns-to-panic/
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