Some currencies will fare better than other vs. the USD. This is likely to be the traditional safe-haven currency, the Japanese yen, in the opinion of economists at Rabobank.
Key quotes
“Fundamental factors will start to re-assert themselves on currency movements and the USD is unlikely to be totally immune to a horrific round of domestic economic data.”
“On the back of the worsening in relations between the US and China and fears about the spread of the pandemic within the USD, we have lowered our 3 month USD/JPY forecast to 1.05 from 1.08.”
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