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Posted September 11th, 2013 by Charles Purdy

US dollar weakens as likelihood of armed intervention in Syria recedes

With economic data thin on the ground for the US dollar yesterday, the Syria situation remained the main influence on the strength of the currency. The latest development within this centred around a Russian-backed plan to surrender Syria’s weapons, and avoid the need for US military intervention. As a result, the USD dollar weakened against the majority of its major partners as it reduced investors demand for the currency as a safe haven. Any further news regarding this is likely to again be the main driving force behind the US dollar rates today, with no significant data scheduled to be released from across the pond today. Further positive results from China’s economy also damaged the US dollars strength, as strong data from the worlds second largest economy provides further evidence that the global economy as a whole is recovering. Investors will have to wait until tomorrow for key data releases, but in the meantime investors will keep a keen eye on the Syria situation. Get in touch with your trader now for an up to the minute price on the US dollar, as external influences dominate its performance.

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