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UUP - FXY: Why Japanese Yen Is No Longer A Safe Haven Currency
Invesco DB USD Index Bullish Fund
As global economies come to grips with the cascading fallout from the coronavirus epidemic, safe haven assets including gold (GLD) and U.S. Treasuries (TLT) have benefited with impressive gains year-to-date. On the other hand, one perplexing development is that the Japanese yen (FXY), which tends to rise as well during turmoils, actually weakened to the lowest level in a year vs. the U.S. dollar.
Source: WingCapital Investments
Indeed, the below chart shows that until recently FXY had moved almost in tandem with gold for the past 10 years, but