Traders Sell Won in Favor of Dollar on European Politics
The South Korean won fell today as concerns about the political situation in Europe caused traders to sell riskier assets of Asian nations in favor of safer ones, including the US dollar.
Current French President Nicolas Sarkozy lost the first round of presidential elections, while the anti-euro National Front had unexpectedly high support of voters. Dutch Prime Minister Mark Rutte offered to step down yesterday as his attempts to implement austerity measures were met with resistance. Forex traders are buying the dollar as a shelter against the European problems, while riskier currencies find less demand. The tension between North and South Koreas doesn’t help the won either.
USD/KRW rose from 1,139.6000 to 1,140.9000 as of 8:47 GMT today, while the intraday high was 1,142.5000.
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Earlier News About the South Korean Won:
- Won Gains as North Korean Rocket Launch Fails (2012-04-13)
- Won Climbs as Moody's Changes Outlook to Positive (2012-04-02)
- Won Drops as China's Manufacturing Slows (2012-03-22)
- Won Drops as China Reduces Appeal of Risky Assets (2012-03-21)
- South Korean Won Rises After Central Bank Maintains Interest Rates (2012-03-08)