South Korean Won Suffers from Europe’s Troubles
The South Korean won, together with other Asian currencies, fell today as Italy became yet another country of the European Union threatened to be engulfed by the debt crisis.
Standard & Poor’s and Moody’s Investors Service voiced concerns about Italy’s ability to finance its debt. The European Central Bank said, according to the German newspaper Die Welt, said that to help Italy the EU would require to double its bailout fund to €1.5 trillion. Investors decreased their holdings of Korean stocks for the first time this month.
USD/KRW advanced from 1,057.85 to 1,066.60 today as of 14:10 GMT.
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Die Welt, European Central Bank, European Union, Fiscal Crisis, Italy, Moody's, South Korea, Standard & Poor's, USD/KRW, Won
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Earlier News About the South Korean Won:
- Higher South Korea's Inflation Leads to Gains for Won (2011-07-01)
- Korea's Won Jumps on Inflation Forecast (2011-06-29)
- US Jobless Claims Go Down, Korea's Won Goes Up (2011-06-17)
- South Korea's Central Bank Raises Rates, Boosts Won (2011-06-10)
- Korea's Won Slips on US Economy (2011-06-07)