The Corona crisis has triggered extreme turbulence on the international financial markets. Particularly in March, some dramatic price movements were observed. The „risk-off“ sentiment pulled stock markets into sheer bottomless pits, while aggressive spread widening dominated the picture on the credit markets. The situation on the currency markets is somewhat more complex. Here, too, there are, of course, traditional risk-off patterns – these have recently been observed above all among emerging market currencies, which have suffered severe losses. However, currencies are by definition always a relative consideration: it is not enough to say that the corona crisis will result in massive economic losses for all countries. It is the task of a foreign exchange investor to assess which countries are more or less affected than the rest. How difficult the market has found it to weigh up the various economic perspectives and to assess which currencies can be considered safe…