Won Weakens as US Data Hurts Risk Appetite
The South Korean won weakened today after the US macroeconomic data came out weaker than was predicted by market analysts, reducing demand for riskier currencies among Forex traders. Earlier, Forex traders were more optimistic as European Central Bank President Mario Draghi said that the central bank may start purchases of 3-year bonds.
ISM manufacturing PMI remained below the neutral 50.0 mark, which was predicted by analysts, demonstrating the third consecutive monthly decline. Construction spending unexpectedly fell 0.9 percent in July instead of rising by 0.2 percent as was forecast. Investors still hope that the ECB will start a bond buying program, a measure that would boost the failing European economy and, as a result, would improve the health of the global economy.
USD/KRW rose from 1,131.6000 to 1133.2999 as of 15:41 GMT today.
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Earlier News About the South Korean Won:
- Won Falls as Uncertainty Eats Away Risk Appetite (2012-08-30)
- South Korean Won Rises, Trims Gains on Concerns for Global Economy (2012-08-20)
- Won Gains on Brighter Outlook for Europe (2012-08-07)
- Won Climbs as Current Account Reaches Record High (2012-07-27)
- Won Falls with Consumer Confidence (2012-07-25)