Won Drops as Traders Skeptical About G7 Meeting
The South Korean won declined today as members of the Group of Seven meet today. Forex market participants do not believe that the meeting will bring anything new and expect only more talks about how bad the crisis is.
Risk aversion rules the FX market and riskier currencies suffer from it. Commodities also reacted negatively to pessimism among traders, hurting prospects for emerging economies that are usually dependent on export of raw materials. The Standard & Poor’s GSCI Index of commodities fell 0.4 percent.
USD/KRW went down from 1,179.7000 to 1,180.2999 as of 13:35 GMT today.
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Earlier News About the South Korean Won:
- Won Climbs on Improving Outlook for South Korean Exports (2012-05-02)
- South Korean Manufacturers Feel Confident, Won Jumps (2012-04-30)
- Traders Sell Won in Favor of Dollar on European Politics (2012-04-24)
- Won Gains as North Korean Rocket Launch Fails (2012-04-13)
- Won Climbs as Moody's Changes Outlook to Positive (2012-04-02)