USD/KRW hits fresh 2.5-year tops above 1,160 on awful S. Korean GDP and fx intervention talks

The South Korean Won (KRW) extended its slide versus the US dollar (USD) following the forex intervention remarks from South Korea.

South Korean Deputy Finance Minister was reported as saying that they will take steps if there are any abnormal moves seen in foreign exchange markets.

He added that the government will make sure to take action should fx volatility intensify.

His comments come after South Korea reported the worst economic growth in the first quarter since the Global Financial Crisis (GFC).

South Korean Q1 2019 GDP arrived at -0.3% q/q vs. expected +0.3% q/q, worst since Q4 2008 while on an annualized basis, it arrived at +1.8 % (vs. expected of +2.5%.

The USD/KRW cross hit the highest level since January 2017 at 1,161.39 on the forex intervention talks.

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD struggling to hold onto 1.10 as USD gains ground

EUR/USD is trading close to 1.10, as the US dollar gradually advances. Two White House advisers expressed contradicting accounts of US-Sino trade talks, causing confusion. Germany refrained from adding fiscal stimulus.


GBP/USD trades around 1.25 as EU pours cold water on Brexit hopes

GBP/USD is trading around 1.25, off the two-month highs of 1.2582 as EU officials cast doubts about the seriousness of the new UK proposals on Brexit. 


USD/JPY drops to one-week lows on trade war headlines

The USD/JPY fell during the American session following reports that the Montana Farm Bureau said China's delegation has canceled a planned trip to view US agriculture.


Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more