Flight to Safety in FX Markets Continues to Favor JPY and CHF, ING Says -- Market Talk

Dow Jones2025-04-07

0723 GMT - The flight to safety in the FX markets spurred by U.S. tariffs continues to favor the JPY and CHF, ING's Economic and Financial Analysis Division says in a research report. The JPY and CHF are liquid currencies backed by countries with large current-account surpluses, say three members of the division. "The U.S. current-account deficit of 4% of GDP leaves the dollar vulnerable, unless this turns into a financial crisis," they say. Also, emerging-market and commodity currencies are likely to be hit hard by the tariffs, they add. USD/JPY is little changed at 145.44; USD/CHF slips 0.9% to 0.8470. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

April 07, 2025 03:23 ET (07:23 GMT)

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Also, emerging-market and commodity currencies are likely to be hit hard by the tariffs, they add. USD/JPY is little changed at 145.44; USD/CHF slips 0.9% to 0.8470. 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