The classic safe haven response in currencies was present but not in a big way on the news President Donald Trump has contracted COVID-19. The dollar fell against the Japanese yen, weakening 0.4% to 105.14 yen, and the euro was down a touch vs. the greenback. The dollar was steady against the Swiss franc, another safe-haven currency.
Investors are debating whether to engage more actively in currency trading as government bonds offer scanty yields, raising doubts over their ability to act as safe-havens.
“Coopetition” is an ungainly term at the best of times. But it appears that’s what’s happening among Swiss stablecoin issuers.