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Deutsche Bank sees risk of U.S. dollar losing safe-haven status
From Bloomberg News
Tuesday, March 3, 2025
The U.S. dollar may lose its traditional safe-haven status as global markets adjust to a new geopolitical order, according to Deutsche Bank AG.
"We do not write this lightly. But the speed and scale of global shifts are so rapid that this needs to be acknowledged as a possibility," said George Saravelos, the bank's global head of FX strategy, in a note to clients. "It is hard to overestimate the scale of change taking place in global economic and geopolitical relations in a matter of days."
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Deutsche Bank's concerns follow a slump on the dollar on Tuesday that has caught out investors betting on further strength. A broad gauge of the greenback fell as much as 0.7% even as the U.S. moved forward with tariffs on its main trading partners, which many viewed as likely to bolster the currency.
"What stands out in today's market reaction is that the dollar is not strengthening materially," Saravelos wrote. "We would not have expected these market moves at the start of the year." ...
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