Korea’s Won Slips on US Economy

The South Korean won fell today on the speculation that the slowdown of the US economy will deter investors from higher-yielding assets.
Last week the US non-farm payrolls, which grew in May with the slowest pace in eight months, and the unexpected increase of the unemployment claims erased attractiveness of riskier currencies and the influence of the unfavorable data is still felt today. Finance Minister Bahk Jae Wan claimed that the won is influenced by economic fundamentals and currency traders and wasn’t artificially weakened by the government. The currency appreciated 4.1 percent this year.
USD/KRW rose to 1,081.40 from 1,080.10 as of 13:04 GMT today.

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