The US dollar acts as a safe-haven currency.

Is it true that the US dollar acts as a safe-haven currency?

Partly. Several sources partially support the dollar's safe-haven role: a forum answer explains dollar appreciation during the 2008 crisis as flight-to-safety demand, and a study finds stronger dollar conditions cushion geopolitical shocks. Other items partially cut the other way: one lists the main safe-haven fiat currencies without the dollar, and an NBER paper notes the dollar fell in 2025 amid tariff uncertainty.

Verdict: CONTESTED PARTIAL · 5 sources for, 2 against · Last checked 17 Oct 2026

The private library was unavailable for some searches in this check. Missing library results are not evidence against the claim.

Hard currency. (n.d.). en.wikipedia.org. https://en.wikipedia.org/wiki/Hard_currency

Dynamic spillovers between the term structure of interest rates, bitcoin, and safe-haven currencies. (n.d.). cir.nii.ac.jp. https://doi.org/10.1186/s40854-021-00274-w

Reserve currency. (n.d.). en.wikipedia.org. https://en.wikipedia.org/wiki/Reserve_currency

Xie, M. & Li, Z. (2026). “War, Safe-Haven Demand, and Currency Hierarchies: Evidence from the Russia-Ukraine War”. doi.org. https://doi.org/10.2139/ssrn.6899001

The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis. (2024). tandfonline.com. https://doi.org/10.1080/23322039.2024.2322876

Why did US dollar appreciate during the Global Economic Crisis (2007-09). (n.d.). economics.stackexchange.com. https://economics.stackexchange.com/questions/9420

Kalemli-Özcan, Ṣ., Soylu, C., & Yildirim, M. A. (2026). Tariff Uncertainty and the U.S. Dollar. nber.org. https://www.nber.org/papers/w34728