The South Korean won declined today as comments of South Korea’s official made Forex market participants speculate that nation’s policy makers may perform an interest rate cut.
The new Finance Minister Choi Kyung Hwan was speaking at his inauguration today, saying about necessity to act preemptively to counter economic risks. Such comments led to speculations that the Bank of Korea will cut interest rates to support economic growth. The won fell because of such talks as well as due to expectations of higher borrowing costs in the United States.
USD/KRW rose from 1,027.2500 to 1,028.8199 as of 13:59 GMT today, reaching the high of 1,036.4950 intraday.
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