To say that the last couple of years have been a turbulent time is an understatement. The ongoing Coronavirus pandemic has certainly taken its toll around Ohio and the rest of the USA. That is not only in terms of deaths from the virus but also the huge impact of the measures to fight the illness. This, in turn, led to massive issues in certain industries, particularly hospitality. Although lots of sectors have been hit by COVID-19 though, not all have been negatively affected.
Trading is something which is still possible because this can be done online at home. If you like to trade Forex, the online nature of trading and the way the market continues to operate as normal enables you to carry on unhindered. Just remember to find the best Forex brokers to trade with first though. If you need a hand choosing a safe one to sign-up with, AskTraders is a great place to start. This online resource reviews the top online FX brokers for you to compare.
Another good tip for FX traders is focusing on the currencies which have proved most resilient to COVID-19 so far. This will help you decide which currency should perform well moving forward. But which currencies might this be?
It should come as no surprise to people in Ohio and the rest of North America that the US Dollar shows up on our list. Overall, this is the currency which has performed best during the ongoing pandemic and has weathered the storm well. This is mainly down to the US dollar’s status as a safe-haven currency which nervous investors turn to in uncertain times.
This influx of new traders helped strengthen the US Dollar on the FX market against its rivals. This upswing was seen mostly during the early part of the COVID-19 crisis, with a rise in value in early/mid -2020. Although it has slipped back from its biggest highs since, the US Dollar is still one of the most resilient currencies when it comes to COVID. Any new global outbreaks or lockdowns should see this confirmed on the FX market. As the new Omicron variant makes its mark around the world, more investors will surely turn to the greenback as a result.
Another currency which has always been seen as a safe-haven is the Swiss Franc. This gives it a real advantage in the FX market when huge global events like COVID-19 occur. As with the US Dollar, it has performed well during the whole crisis overall and has weathered any market uncertainties the virus has caused. This can be seen in media reports showing the Swiss Franc in demand as a safe-haven currency. It hit its highest level against the Euro since May 2020 recently.
New reports of the Omicron variant which may be resistant to vaccines has also sent investorsrunning to the safety of this currency. The Swiss Franc has enjoyed a steady rise over the whole pandemic in general and ongoing market confusion leaves it in a position to move higher in the future.
The Yen is a top global currency and one that has also proved resilient to the impact of COVID-19 on the FX market in general. It is also another currency which many think is best placed to survive any new restrictions or lockdowns which may come into place. It is not just the potential performance of the Yen looking ahead which is noteworthy.
This currency saw a steady rise in value over 2020 and eventually got to a point where its value was higher than at the start of that year. That was quite some feat considering the huge impact COVID measures had in that period. As a safe currency which investors turn to in times of trouble, this is no surprise.
Strongest currencies weather COVID storm
It is only human nature to turn to what is familiar, safe and trusted when times get hard. This largely explains why the above currencies have proved resilient to COVID-19 so far and have performed well overall since early 2020. With new uncertainty around COVID variants causing chaos once more, it is a good bet that they should continue to rise in 2022. This will be down to investors once more turning to them for help and moving their money out of emerging currencies which they do not trust as much.