Giles Coghlan, the chief currency analyst at HYCM, had the following to say: “The volatile market conditions that have come about as a result of COVID-19 has investors looking for safe haven assets to protect their capital. The price of gold has risen, as has the value of the USD [which currently accounts for about 60% of all central bank foreign exchange reserves, while the next closest currency is the euro with 20%] and JPY — some of the leading safe haven currencies. And interestingly, it looks as though market interest towards digital currencies are changing. As part of social distancing measures, there is now a preference for digital payments over traditional cash. One could argue that eventually we will become a cashless society, and COVID-19 has simply accelerated this awareness.”
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