With the world’s economies in disarray, different currencies around the world cannot all be highly favored, but the dollar and its exchange traded fund (ETF) is still considered a safe haven for most investors.

It was during 2008 when the global financial crisis intensified and the dollar’s six-year decline against the euro and other top-performing currencies reversed their trends, reports Patrick Lane for Economist.

But there are currencies out there that are faring quite well against the dollar. The yen is one, but that is overlooking the fact that Japan’s economy is a bit shaky. The slowdown of exports probably won’t reverse the the upward trend of the Chinese yuan. The central banks in Frankfurt, Germany, and London have a little bit more room for increased rate cuts and are likely to take advantage of it.

In previous years, large volumes of cash from the United States and Japan and found their way into the E.U. and emerging-market currencies, but the money will eventually return. Current slowing economies has shown that investors are snuggling safely in U.S. Treasury notes.

Some currencies could be facing some risk, though. They include the Indian rupee, South Korean won, Brazilian real, and “most” east European currencies. Most vulnerable currencies belong to countries whose banks, companies, and households owe short-term debt denominated in foreign currency, the most conscious being the Icelandic krona.

• PowerShares DB USD Index Bullish (UUP): up 4.9% in 2008

Tags: Asia, Brazilian Real, Chinese Yuan, Currency ETFs, Europe, Indian Rupee, Japanese Yen, South Korean Won, U.S. Dollar, UUP