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The recent disruptions in the banking sector have impacted various asset classes, notably the currency markets. Traditionally, the US dollar serves as a safe haven during market volatility, but this time it has not performed as expected. Two key factors contribute to this situation: first, an outsized rally in the treasury markets is exerting downward pressure on the dollar, as investors anticipate lower U.S. interest rates compared to other countries. Second, uncertainty surrounding U.S. banks and potential fallout has led investors to favor alternatives like gold and Bitcoin. The U.S. has more banks than any other country, and it may be premature to reevaluate the dollar’s status as a safe haven.