The Korean won gained nearly 1% against the US dollar yesterday and by doing so recorded its best day since April. USD/KRW ended the New York session at 1137.4. The move took the won’s 2017 gain against the dollar to 6%.
Against the euro, the won gained 1.4% – its best day since November – but the currency remains weak by recent standards and remains down on the year having suffered in the presence of a broad euro uptrend which began in April. View article >
A rally in the US dollar prompted by moderately hawkish Fed speakers pushed emerging market Asian currencies such as the Thai baht, Philippine peso and Malaysian ringgit lower on Tuesday. Asian currencies from developed economies but which nonetheless remain second tier and under the “emerging” umbrella, such as the Korean won and the Taiwan dollar, also declined.
Charles Evans, President of the Chicago Fed, said on Tuesday that US economic fundamentals are good and that he expects inflation to rise, although he did hint that the Fed could wait until December before raising interest rates again. View article >
In the four-weeks leading up to last Friday’s close (May 12th), the Japanese yen had been one of the world’s worst performing currencies against the US dollar, falling 4.3% within that time.
The yen’s weakness during that period marks one hell of a turnaround from the four-weeks immediately prior, in which the yen was one of the world’s strongest currencies, gaining 3.9% against the dollar. View article >
The Korean won finally made its move yesterday away from the 1130-to-1140 range against the US dollar. The exchange rate for USD/KRW had been trapped between the two prices for much of the previous ten trading days. At the end of yesterday’s New York session – the traditional end of the FX trading day – USD/KRW stood at 1124.30.
Renewed strength in the won has followed the election victory on Wednesday of Moon Jae-in, who succeeds former president Park Geun-hye as South Korea’s leader. View article >
Moon Jae-in has today been declared the next president of South Korea.
The Democratic Party of Korea candidate won 41.1% of the vote according to the country’s National Election Commission. All of the votes have now been counted.
Moon saw off Hong Jun-pyo and Ahn Cheol-soo – the Liberty Party and People’s Party candidates – whose shares of the vote were a little more than 24% and 21% respectively. View article >