USD/KRW set to drop below the 1,190 mark – Scotiabank

FXStreet Insights Team FXStreet

According to economists at Scotiabank, USD/KRW will likely fall below the 1,190 level before trading even lower once external uncertainties start to fade away.

BoK expected to hold its policy rate steady at 1.25%

“The Bank of Korea (BoK) is expected to hold its policy rate steady at 1.25% on Thursday, but remains on track to deliver another 25bp rate hike in the second quarter.”

“As a traditional high-beta currency, the Korean won will remain susceptible to external uncertainties. In the near-term, the ongoing Russia-Ukraine crisis could dampen market sentiment abruptly.”

“USD/KRW is now staying in an ascending channel, and will likely fall below the 1,190 level before trading even lower when external uncertainties start to fade away.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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.