Won Gains on Brighter Outlook for Europe
The South Korean won appreciated today as new hope emerged for the eurozone and traders felt confident enough to seek currencies with higher yield.
It looks like Germany yielded to the pressure from of those who were not happy with its opposition to the involvement of the European Central Bank in rescuing the eurozone. Germany’s support of the ECB bond-buying program boosted the market sentiment significantly. There are rumors that the International Monetary Fund is attempting to persuade the European leaders to ease the bailout conditions for Greece. All in all, the future of Europe looks somewhat brighter and risk appetite is strong on the Forex market.
USD/KRW fell from 1,129.2999 to 1128.9000 as of 12:28 GMT today, dropping from the daily high of 1,134.7000.
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Earlier News About the South Korean Won:
- Won Climbs as Current Account Reaches Record High (2012-07-27)
- Won Falls with Consumer Confidence (2012-07-25)
- Won Gains on China, Europe Remains Negative Factor (2012-07-24)
- Won Gains as ECB Expected to Cut Interest Rates (2012-07-03)
- Won Gains on Hopes for QE3 from Fed, Gains Limited (2012-06-15)