USD/KRW rebounds sharply towards 1,230 on South Korea’s growth concerns
|South Korean Finance Minister Hong Nam-ki on Thursday, the economy faces the biggest risk from the Ukraine crisis, high inflation and currency volatility.
Key takeaways (via Yonhap)
“Called for thorough policy efforts to better tackle the economic fallout of Russia's invasion of Ukraine and cope with growing inflationary pressure amid surging energy costs.”
“Also called attention to increased external economic risks as the Korean currency has sharply weakened against the US dollar on investors' demand for safer assets.”
His comments come after main opposition candidate Yoon Suk-yeol was elected as South Korea's next president to succeed outgoing President Moon Jae-in.
In his speech, South Korea’s President-elect Yoon said that he “will convert into private sector-focused economy, not government-driven, create jobs and expand middle class.”
Market reaction
Amid South Korean economic growth concerns and a broad US dollar rebound, USD/KRW spikes to daily highs near $1,229, having tumbled to 1,222.75 a day before.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.