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As a global investor, what can you do if you have these currencies?
Swiss francs : real estate is illiquid and residential properties for investment purposes cannot be purchased by foreigners. Sovereign bonds have negative yields on the short maturities. Equities are an investment possibility, but the strong swiss franc will affect negatively corporate earnings. There are hardly any AI or biotech or defense companies to invest in.
Euros : real estate can be liquid, but taxes are an issue (France) and regulations over rents (Germany) and tenants (France) makes it a headache for owners. The shortages of residential properties (France, Spain, Holland, Germany) suggest tougher future regulations for owners. Sovereign bonds carry risk due to higher public spending plans. While equities in the eurozone are cheaper than those in the United States, they are also more at risk due to the adverse impact of the stronger euro and weaker consumer spending. Banks in Europe have lower interest rate margins and are less profitable than those in the United States. This means lower lending abilities, thus lower abilities to support economic growth.
Any possible recession risk in the United States would lead to a certainty of recession in Europe.
United States : liquid markets. Attractive and growing large real estate areas (Florida, Texas, Arizona). The largest choice of tech and biotech startups in the world and significant energy assets that are still to be developed.
The US dollar remains the most attractive currency due to the investment opportunities than can be purchased through that currency. The US politics do not change the long-term attractiveness of these investments.
The dollar appears undervalued.