Now installed in the White House, Trump issued a new warning to Pyongyang on Thursday that his previous promise to unleash "fire and fury" may not have been strong enough.
That prompted North Korea to say it was considering plans to fire missiles at the US island territory of Guam. It was on course for an over 5 percent weekly rise, its highest such gain since July 2016.
"Exposure to the Swiss franc and Japanese yen perhaps best comes through ownership of global stock and bond market funds, or through currency liquidity funds", Elliot continued. Two weeks ago it saw its biggest weakly fall against the euro since the start of 2015.
Last week, tensions escalated between America and North Korea.
"For quite some time the market hasn't really reacted to things on the Korean Peninsula because we know from the past it is largely North Korean sabre-rattling, and it may yet be. But with the rhetoric having gone to a different level, the market just can't afford to take that risk", said BNY Mellon FX strategist Neil Mellor.
The dollar edged higher against the yen on Monday, trading above last week's near 4-month low, with rising tensions between the United States and North Korea seen as the key to the near-term outlook.
Elliott made his comments as a series of threatening remarks between US President Donald Trump and North Korean leader Kim Jong-un sent the price of gold soaring to its highest weekly closing price last Friday, of US$1284.40 an ounce, since last November, before Donald Trump was elected.
Oil was down 39 cents a barrel to $48.42 United States, and the loonie was also somewhat lower, off 0.04 cents to 78.81.
The gains were broad-based, with the S&P financial sector rising 1.40 percent and the technology index 1.34 percent, putting the S&P index on track for its biggest single-day percentage gain in almost four months.
After a week of market jitters from increasingly aggressive exchanges between the nuclear-armed nations, investors were emboldened after South Korea's president said resolving North Korea's nuclear ambitions must be done peacefully and US officials played down the risk of an imminent war.
"A global stock market fund will have its fair share of value and growth companies, unlike - say - the FTSE 100 index, which is predominately value-orientated, with its bias towards energy, mining and financial, or the Japanese TOPIX, which is growth-orientated, with a predominance of consumer goods companies".
Toyota Motor Corp dropped 1.0 percent, Honda Motor Co shed 1.4 percent and Panasonic Corp fell 1.7 percent. Spot gold was up 0.1% at $1,287 per ounce by 2.17pm GMT, set for its biggest weekly gain since April. "What we're seeing today is political tensions over North Korea and the United States. making people nervous", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.
"This situation is beginning to develop into this generation's Cuban Missile crisis moment", ING's chief Asia economist Robert Carnell wrote in a note.