S. Korean FinMin: Will take stern action if needed to stabilize markets

Dhwani Mehta FXStreet

South Korean Finance Minister said on Wednesday, the government will take stern action if needed to stabilize markets.

Additional quotes

Volatility in local financial market likely to remain high for some time.

Will act in pre-emptive manner if needed.

Negative impact on economy from coronavirus spread materializing.

On Tuesday, the South’s President Moon told a cabinet meeting, “The entire country has entered war against the infectious disease as the crisis in Daegu and Gyeongbuk province has reached the highest point. I am very sorry to the people that we are not able to supply masks swiftly and sufficiently and have caused inconvenience.”

Asia’s fourth-biggest economy has reported 5,186 cases of infectious disease and 28 deaths.

USD/KRW rebounds from a two-week low

The Korean won is seen reversing from a two-week low reached against the US dollar at 1,180.02 in the overnight trades after the emergency Fed rate cut.

The won fails to benefit from the gains seen in its Asian peers, as USD/KRW now trades at 1,185.62, up 0.45% on the

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.