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Won Advances as Traders Optimistic About US Debt Ceiling Talks

October 15, 2013 at 15:37 by Vladimir Vyun

Korean won banknotesThe South Korean won advanced today as investors were buying nation’s assets on hopes that US politicians will be able to avoid default by raising the debt liming before the deadline on October 17.

There are rumors that a deal about raising the debt ceiling will be reached as soon as today. Senate Majority Leader Harry Reid said yesterday that a “tremendous progress” has been made and he is “very optimistic” about the “constructive, good-faith negotiations”.

Global funds were constantly buying more South Korean stocks that they were selling for the last several months, suggesting for assets of the Asian nation is steady.

USD/KRW went down from 1,071.60 to 1,067.21 as of 15:37 GMT today and its daily low was at 1,064.46.

If you have any questions, comments, or opinions regarding the South Korean Won, feel free to post them using the commentary form below.

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