USD is at 74, and during this whole crisis has moved very little. By comparison to the moves made in the panic of 2008, I stand by my comment.
USD moved from 71 to 90 in sep-oct 2008.
USD moved from 76 to 87 in jan-may 2010.
USD unchanged 74 to 74 in aug 2011.
Its possible that China has moved dollars to euros, and the the euro banks have moved from euros into dollars, keeping the flows neutral. It is also possible the Fed is doing monstrously large secret currency deals. But overall, no. No net flow into USD from other currencies, or else the USD would have appreciated vs. that currency. What evidence we have says - USD is not a safe haven at the moment. And gold is.
And we have to accept this is a new behavior. Just last year, things were quite different. Same thing with gold - its behaving differently. Last time around, gold got thrown under the bus. This time, new highs every week.
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