The safe haven currencies of the US Dollar and Japanese Yen both found support on Tuesday as investors grow concerned that the USA could launch military action in Syria following the use of chemical weapons in the country.
The United States and the UK believe that the weapons were deployed by the Assad regime, an action that has crossed the so called ‘red-line’ required for the West to intervene in the bloody and devastating civil war that has ravaged the Middle Eastern country.
Secretary of State John Kerry said on Monday; “What we saw in Syria last week should shock the conscience of the world. It defies any code of morality, Make no mistake, President Obama believes there must be accountability for those who would use the world’s most heinous weapons against the world’s most vulnerable people.”
Tensions were heightened after the Russians; firm allies of Assad, announced that if such action was to occur there would be dire and sever consequences.
The Russian foreign minister Sergei Lavrov warned that the West had not produced any evidence that Assad’s forces had used chemical weapons and said that any action taken without the backing of the United Nations would be a ‘crude violation of international law’.
As a result of the building tensions in the region the currency markets saw investors opt to move their funds to the safe haven currencies. As a result the perceived riskier currencies such as the Euro and New Zealand and Australian Dollars weakened.
The Euro found support against Sterling after the release of data from Germany added to signs that the Eurozone’s biggest economy is continuing to strengthen. The latest Business climate data beat economist expectations by coming in at 107.5.
Current Euro (EUR) Exchange Rates
As of 09:45 am
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3356
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8594
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4895
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.7131
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4078
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