Currency Note Worldwide

Japanese yen and Canadian dollar benefit from Syrian crisis

By Smart Currency August 29th, 2013

Elsewhere yesterday, following on from Tuesday, the markets across the globe were directly influenced by the political uncertainty surrounding Syria. Firstly, the Canadian dollar logged gains against the majority of its major trading partners resulting from a surge in the price of crude oil – Canada’s biggest export – which touched its highest level in two years. Crude oil prices are continuing to be pushed up amid fear that the Middle-Eastern situation could drive down supplies. The high oil prices also caused the Indian rupee to plummet, hitting record two-decade lows amid fears the Asian economy could be heading towards its biggest crisis since 1991. Out of the commodity-backed currencies, the Canadian dollar was the anomaly, with its peers from Australia and New Zealand hitting three-week lows. Demand for the higher-risk currencies dwindled due to general nervousness in the marketplace. For the same reason we saw the Japanese yen perform well, with demand for the safe-haven currency remaining high. Overnight we had the release of Business Confidence statistics out of New Zealand, and from Australia we had quarterly inflation data. Get in touch for live rates