Exchange Rates: Japanese Yen, US Dollar & Swiss Franc Strengthen as Russia Retaliates, Euro at 2-week Lows

Modified: Friday, 21 March 2014 09:51 BST - Written by Minesh Chaudhari

STORY LINK Exchange Rates: Japanese Yen, US Dollar & Swiss Franc Strengthen as Russia Retaliates, Euro at 2-week Lows

Exchange Rates Today: The Japanese Yen (currency:JPY) and other safe haven currencies such as the Swiss Franc (currency:CHF) and US Dollar (currency:USD) have strengthened as tensions rose between the West and Russia as both sides took measures and issued sanctions.

Investors are concerned over the implications to the global economy as sanctions were issued by the US and EU against Russia. A major trade body in Germany warned of disastrous consequences for the country’s 6,200 companies that operate in and deal with Russia.

This morning the European Union escalated tensions after signing an agreement on having closer relations with Ukraine. The move was a show of support in the wake of Russia’s annexing of the Crimea.

Russia retaliated against sanctions by announcing some of its own. A number of US politicians have been blacklisted by the Russian authorities. The response from those listed however was probably not what the Russians were expecting.

“I guess this means my spring break in Siberia is off, my Gazprom stock is lost and my secret bank account in Moscow is frozen,” joked Senator John McCain.

Despite the concerns over the Ukraine situation the US Dollar continued to trade higher against the Euro and other peers. The currency found support from increased expectations that the Federal Reserve will raise interest rates next year and from data which showed that the number of US citizens filing for unemployment benefits less than economists had expected.

The Euro (currency:EUR) fell overnight after a European Central Bank policy maker warned that interest rates in the region will remain low for an extended period of time and hinted that rates could be cut even further from its already record low level.

Key Pound Sterling / US Dollar / Yen / Swiss Franc Exchange Rates (As of 10.00 GMT 21/03/2014)

The Pound Sterling to Swiss Franc exchange rate is trading down -0.11% at 1.45684 GBP/CHF.
The Pound Sterling to Euro exchange rate is trading down -0.11% at 1.19655 GBP/EUR.
The Pound Sterling to Japanese Yen exchange rate is trading down -0.29% at 168.53732 GBP/JPY.
The Pound Sterling to US Dollar exchange rate is trading down -0.03% at 1.65018 GBP/USD.
The Euro to Swiss Franc exchange rate is trading up +0% at 1.21754 EUR/CHF.
The Euro to Pound Sterling exchange rate is trading up +0.12% at 0.83574 EUR/GBP.
The Euro to Japanese Yen exchange rate is trading down -0.18% at 140.85315 EUR/JPY.
The Euro to US Dollar exchange rate is trading up +0.08% at 1.37912 EUR/USD.

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