在几个月内，投资者担心美国前景和欧元区同时。在哪里，在响应这种双倍麻烦，货币投资者可以去吗？
过去，对全球经济的恐惧在过去倾向于派遣投资者逃离美元。
However, this time it may be different because the U.S. has its own homegrown crisis: the fear that the fiscal cliff, an automatic and abrupt fall in government spending and rise in tax, will not be eliminated before it becomes reality in January.
“In any rational world, a U.S.-specific crisis would be bad news for the U.S. dollar,” says HSBC. It acknowledges that, at the moment at least, investors are not choosing to inhabit this rational world. Anxiety about the fiscal cliff has pushed up the dollar because its refuge status is, in the words of HSBC, “truly embedded in the psyche of the market.” However, HSBC warns that further safe-haven buying in reaction to the fiscal cliff is “misguided,” and therefore bound to run out of steam. As a result, “the reaction function to the fiscal cliff is most likely to be a rally in the U.S. dollar followed by an aggressive and swift fall” — making it an unpromising haven, since by their very nature, haven assets do not exhibit violent volatility that may catch out investors.
购买欧元可能甚至风险甚至是风险甚至，因为更新的恐惧令人困惑的欧元区经济可能太弱而无法承担沉重的债务负担。上周欧洲货币下降到了对希腊财政状况的新鲜恐惧的每年为1.266美元。
瑞士法郎是一个历史悠久的避风港，在瑞士国家银行2011年决定之后的业务或多或少关闭建立币上天花板。英镑的状态为最近的难民吸引了怀疑论者的人觉得它可能是不值得吗of the honor, following the Wednesday warning by Sir Mervyn King, governor of the Bank of England, that the economy “may be in for a period of persistently low growth.” His decision to talk the pound down — he described its 8 percent trade-weighted rise over the past year as “not a welcome development” — has also taken some of the brio out of sterling bulls, since currency investors are usually wary of testing their power against central bankers.
这让日元留下了看起来更具吸引力，因为日本央行2011年8月的干预，将其价值下降开始褪色 - 但突然发生了很大的变化。它的光泽在上周的新闻中遭受了沉闷的消息 - 在年化基础上的急剧下降 - 3.5％ - 在第三季度国内生产总值（GDP）中。
有时候日元对日本经济的沧根漠不关心，但现在不是其中之一。在星期五，日本政府解散议会，在12月16日清除大选的方式，这几乎肯定会导致由日本民主党导致的联盟转变为由自由民主党主导的联盟。因此，日本在12月份的新总理是Shinzo Abe，周一在日本央行被贬低的“无限制的”宽松宽松的宽松通货紧缩，这是由经济增长疲软引起的。星期一的令人震惊的数字加强了他的手。如果通过决定侵略性货币扩张，银行屈服于这种压力，则日元将飙升至瞬间。
然而，一个有吸引力的目的地在有问题的安全避风港是挪威，其净债务比率为170％的国内生产总值，是经济合作与发展34个富国成员组织中最良性的良性。挪威克朗队继续攀升欧元，并持有自己的美元。以0.136欧元，或7.4克隆到欧元，接近单一货币的九年高。“中东地缘政治紧张局势加剧了，应促使石油促进较高的风险溢价，通过其大型出口暴露的原油支持挪威经济，”摩根斯坦利说。“此外，在政治和经济不确定性困扰欧洲，挪威应该继续被视为一个避风港。”
十年前，美国经济危机的前景将导致原油的价格极为明显预测，使得难以向挪威克朗的看涨，直到危机得到解决。However, crude oil consumption by the BRICS (Brazil, Russia, India, China and South Africa), at 22.4 percent of the global total according to the BP Statistical Review of World Energy, now outnumbers U.S. consumption at 20.5 percent — and the 1.9 percentage-point gap is likely to grow larger quickly. The oil price — and hence oil currencies — may be able to weather U.S. weakness. The old order changeth.