Currency markets remain rattled over Syria tensions

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Pound Sterling

The Pound has fallen for a second-day against the US Dollar. Investors are taking a wait-and-see approach to today’s speech by Bank of England governor Mark Carney, who is expected to affirm his intention to maintain borrowing costs at all-time lows. Against the Euro, Sterling fell to its weakest level in three-weeks after positive data out of Germany boosted the single currency.

GBP/EUR is trading in the region of 1.1605 and GBP/USD is trading in the region of 1.5521

US Dollar

The ‘Greenback’ has strengthened against the majority of its most traded peers due to the escalating tensions over Syria accelerating declines in developing-nation currencies.  Against the Indian Rupee and Turkish Lira the Dollar surged to new record highs. The currency has also received support from investors seeking safe havens as concerns over a war rattle the markets.

USD/GBP is trading in the region of 0.6442 and USD/EUR is trading in the region of 0.7476

Euro

The Euro briefly traded higher against the US Dollar as the rising tensions between Syria and the US sent investors to seek safety in the Japanese Yen, which brought the Euro up with it. The positive confidence data out of Germany also boosted the single currency. Early on Wednesday however a weaker-than-expected consumer confidence report out of the region’s largest economy caused the Euro to retreat slightly.

EUR/GBP is trading in the region of 0.8616 and EUR/USD is trading in the region of 1.3375

Australia Dollar

The ‘Aussie’ fell to a three-week low against the US Dollar as demand for higher-yielding assets waned over concerns of the prospect of military action in Syria. Against the Euro the currency tumbled to a three-year low after the UK and France signalled that they may take action in response to the use of chemical weapon in the Middle Eastern country.

AUD/GBP is trading in the region of 0.5745, AUD/EUR is trading in the region of 0.6667 and AUD/USD is trading in the region of 0.8917

New Zealand Dollar

The ‘Kiwi’ touched a three-week low as volatility headed for the highest closing level in more than a month amid a selloff in emerging-market assets.

NZD/GBP is trading in the region of 0.4999, NZD/EUR is trading in the region of 0.5802 and NZD/USD is trading in the region of 0.7760

Canadian Dollar

The ‘Loonie’ advanced against the US Dollar, climbing from a near seven-week low after the value of the nation’s biggest export of crude oil climbed to its highest level since July. The commodity’s value increased over fears that the situation in Syria could disrupt Middle Eastern oil supplies.

CAD/GBP is trading in the region of 0.6130, CAD/EUR is trading in the region of 0.7114 and CAD/USD is trading in the region of 0.9515

Laura Barrett
This post was written by
Laura moved from the US to the UK several years ago. As a corporate sales executive for a leading foreign exchange company, Laura has expert knowledge of currency movements and market trends and is able to offer specialist guidance regarding making a trade at the most lucrative time and protecting transactions from currency risk.