If global recession or economic crisis in the US appear on the horizon, then it is time to buy Swiss franc, Singapore dollar, US dollar or Japanese yen and get rid of emerging markets currencies, Bloomberg informs with the reference to analytics of JPMorgan Chase & Co.

In this situation yen is less expensive hedge option, while Singapore dollar is less attractive. US dollar is the most attractive alternative. It already shows growth in recent months as trade tension escalates.

JPMorgan’s analytics note that it is too early to speak about recession, however, contingency plan is needed in case global trade relations will get worse.

Emergency markets currencies suffer the most during crisis and depreciate on average by 17% during first two years of recession. New Zealand dollar is so far worst performer, which loses 7-8% on average when economy is down.

Research of JPMorgan is based on results of currency behavior during last five recessions.