Global Uncertainty is Raising Interest in Safe Haven Currencies

The high level of anxiety in financial markets are still prevailing. The recent fluctuations in equities, commodities and currencies are forcing investors to look out for safer options. Highly volatile and risky currencies such as Pound, Euro and Canadian Dollar is in downtrend and witnessed selling pressure, While the safe haven currencies such as Japanese Yen and Swiss Franc are holding their values steadily.

Analysis for Newbies: CHF/JPY - Back to the 1.5-year Upward Trend ...

Political and military tensions between India and China, and between North and South Korea has already raised alarm. However, investors are overlooking these military tensions in Asian regions because the chances of full-fledged conflict or war is small or negligible.

Australian and New Zealand Dollars also held steady on account of least impact of COVID-19. Last week New Zealand became the first major economy to conquer COVID-19 completely and removed all social distancing requirements. Australia’s job data improved a bit as the control over pandemic is tightened. Both AUD and NZD are holding their recent gains. AUDUSD trading above it's immediate support at 0.6713, and NZDUSD is holding well above its support at 0.6342 and expected to rise up to 0.6680.

Today Swiss Bank and Bank of England have announcements on interest rate decisions which are expected to be unchanged. However, US data on Initial Jobless Claims will be in focus. 

By Sandesh Nandode, Forex and Crypto Analyst- Dubai

Location: Dubai - United Arab Emirates

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