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South Korean Won Joins Rally Ahead of Fed Announcement

October 30, 2013 at 17:32 by Vladimir Vyun

A fan of Korean currency billsThe South Korean won was among currencies of emerging markets that were supported by expectations of prolonged quantitative easing from the US Federal Reserve, rising against the dollar today.

The won joined other currencies in a rally as traders were speculating that the Fed has no reason to tamper QE. At the same time, some analysts were worried that absence of stimulus trimming was priced in and the rally may be reversed after an actual policy announcement. Domestic fundamentals were not particularly supportive for the South Korean currency as industrial production contracted 0.8 percent in September from the prior month.

USD/KRW declined from 1,062.2999 to 1,058.6500 as of 17:29 GMT today.

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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