Is EUR the new safe haven play?

Monday, 12 August 2019

Normally in a risk off the USD, TSYs would rally and equities and the Euro would fall. The Yen usually rallies due to capital being repatriated.

But we have seen in early August that the Euro has rallied on risk off. That can only be flow and position unwind driven.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.