The euro has jumped above one dollar twenty for the first time since January 2015, just hours after North Korea fired a ballistic missile over Japan.
Traders say the single currency is increasingly looking like a safe haven.
The dollar, less so.
Especially in the wake of Hurricane Harvey, analysts are assuming the US Federal Reserve will not want to risk hurting economic growth with an interest rate hike. Low rates make the currency less attractive to investors seeking high returns.