Safe Haven Currencies and Gold Soar After Russia Updates Nuclear Doctrine

Forex - Rabobank indicated that following the approval of an updated nuclear doctrine by Russian President Putin, investors have turned to safe-haven assets, driving the Japanese yen and Swiss franc to their highest levels against the euro in recent weeks. Ukraine's strike on Russian territory using U.S.-provided ATACMS missiles has also increased the demand for safe havens, redirecting some investors towards gold. Gold prices rose by 1%. The doctrine suggests that Russia may consider a nuclear response to an attack involving the use of conventional weapons. The yen is further supported after Japan's Finance Minister Katsunobu Kato warned of potential currency intervention following recent sharp movements. Rabobank forex strategist Jane Foley stated in a note, "We prefer to buy yen against the euro and see potential for EUR/JPY to drop towards 150 in a 12-month outlook."