Korea’s Won Retreats After Rally
The South Korean won rose earlier this day, bolstered by yesterday’s report about the US jobless claims, but later retreated on the inflation threat.
Unemployment claims in the US declined from 402,000 to 395,000 last week. The median forecast was 401,000. Finance Minister Bahk Jae Wan said today that high inflation is still a threat as adverse weather curbed food production in South Korea, while the low US interest rates increased liquidity on markets.
USD/KRW went up from 1,078.50 to 1,079.15 as of 11:04 GMT today. Earlier it reached 1,072.60 — the lowest price of today’s session.
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Earlier News About the South Korean Won:
- South Korea Holds Interest Rates, Won Goes Lower (2011-08-11)
- South Korean Won Suffers from Europe's Troubles (2011-07-12)
- 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)