Safe-haven currencies might not be so safe after a volatile year. Here's how the market is rethinking the Swiss franc, dollar and yen

Ask an investor to name safe-haven currencies, and most will say the U.S. dollar, the Swiss franc, and the Japanese yen.

Investors historically expected them to hold their value during geopolitical or economic turbulence.

But more recently, these currencies have experienced volatility themselves. The dollar and yen saw sharp declines over 2025 and into 2026. The franc has strengthened, but this is challenging for a country with unusually low inflation and a reliance on exports.

U.S. President Donald Trump reordered global trade with tariffs in 2025, sparking a “sell America” trade: a sell-off of U.S. assets, including the dollar, the world’s reserve currency.

The suddenness with which other tariffs have been imposed and withdrawn kept the pressure up.