The safety trade was in full force Monday, including currency exchange traded funds as investors favored ETFs pegged to the Swiss franc and Japanese yen after Standard & Poor’s cut its triple-A credit rating on the U.S. by one notch.

CurrencyShares Swiss Franc Trust (NYSEArca: FXF) rose 1.4% in afternoon trading to yet another record high, while CurrencyShares Japanese Yen (NYSEArca: FXY) added about 1%.

Yet the PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) rose fractionally thanks in part to weakness in the euro. CurrencyShares Euro Trust (NYSEArca: FXE), declined 0.5%.

The Swiss franc ETF has been rallying despite the Swiss National Bank recently cutting interest rates and threatening to intervene in currency markets. The currency is seen as a safe haven in times of financial distress. [Swiss Franc ETF Barrels Higher Despite Rate Cut]

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