How has the Ukraine War impacted Safe-Haven Currencies

Introduction.

The Russia -Ukraine war, which began in March 2022 roiled asset classes and financial markets. If one had to sum up the impact of the war, one should look at energy and commodity prices such as crude oil, wheat, sunflower, fertilizer, and crude oil distillates. In a previous article, I opine the impact of the crisis on energy markets. Since then, oil prices have caused runaway inflation in most countries, including Europe where the ECB has struggled to consistently bring inflation above 1.5%.