020 7898 0500Elsewhere, after a difficult end to last week, we saw the Canadian dollar recover somewhat yesterday. Having traded at 7-week lows against its US counterpart on Friday, the Canadian currency bounced back – triggered by a 2% surge in global crude oil prices. As Canada’s biggest export, the price of oil can act as a significant force on the currency’s value and with rumours that the developing situation in Syria could disrupt middle eastern supplies, we could see oil prices increase further. The Canadian currency’s gains were repressed somewhat yesterday however, as the geopolitical uncertainty surrounding Syria created a nervous marketplace and in turn weakened the higher-risk currencies including the New Zealand and Australian dollars. Moreover, this caused the Turkish lira to fall to record lows whilst comments from the Governor of the Turkish central bank did little to quash fears that the recent lira weakness would not continue. For the same reasons, we saw very strong performances from the Japanese yen and the Swiss franc, as the low-risk, low-yield currencies acted as a safe-haven in a stormy marketplace. Get in touch for a live rate.
