Bank of America Marrill Lynch notes that while the political risks resurface, the question of the safe haven is back in the foreground.
«Using a market-based approach, BofAML analysis of the priorities of the refuge, as well as sensitivities to particular risks.
We see three key points :
1 — USD no longer plays the role of a refuge dominant, unless the risk to come from China or North Korea.
2 — JPY is the currency that is the closest to a shelter (against other currencies) on risk factors in relation to a country, to the exclusion of North Korea.
3 — CNH has benefited (even if modestly) of the rise in risk sentiment, as well as the particular risk of North Korea «.