JP Morgan Research provides a playbook for how FX behaves during recession but a US recession is still not part of its forecast for the next six months,

"1. The broad USD index has on average strengthened by 10% around recessions (ranges between 6% and 19%). Most times, the strengthening occurred at the onset of the recession although 2008 was different," JPM notes. 

2. USD, CHF, JPY & SGD are historically the top performers around recessions

3. In DM, NZD underperforms while EM weakens broadly vs. USD. EUR/USD has traditionally not been a good recession short unless it has been viewed as a growth currency prior to the recession," JPM adds.