The South Korean won rose today, but slipped back later and currently is shifting between gains and losses as the traders’ mood was swinging back and forth between optimism and pessimism about the future of the US economy.
The fiscal cliff problem in the United States was resolved, but now the issue with the debt ceiling came to light. Many traders were caught in a trap when riskier currencies rallied and then dropped down. The Asian currencies were somewhat stronger as the robust region’s economy supported demand for Asian assets, but they are not invulnerable to uncertainty and confusion on the Forex market.
USD/KRW fell from 1,064.4500 to 1063.8400 as of 14:07 GMT today, while intraday it rose as high as 1,066.5850 and dropped as low as 1,061.5000.
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