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The recent disruption in the banking sector has affected various asset classes, particularly the currency markets. Traditionally, the US dollar is seen as a safe haven during such volatility; however, this time it's different. Two main factors contribute to this: first, the significant rally in treasury markets is exerting downward pressure on the dollar as traders anticipate lower U.S. interest rates relative to other countries. Second, uncertainty surrounding U.S. banks and the potential for further fallout has led to increased interest in alternatives like gold and Bitcoin. The U.S. has a larger number of banks than any other country, making the situation particularly complex.