nor is it
Nor is it obvious where investors fleeing America's currency might run to.

?= It is not obvious where investors fleeing America's currency might run to.

and fleeing is an adj?

Question

nor is it
Nor is it obvious where investors fleeing America's currency might run to.

?= It is not obvious where investors fleeing America's currency might run to.

and fleeing is an adj?

Answer

Used to introduce another negative statement:

I don't like Donald Trump, Nor do I like the current state of politics in America.
I have never been to China, Nor have I ever been to Japan. 
I did not find happiness in her arms, Nor did I find Love.  :'(

Answer

Fleeing is a verb.  To flee, to run away