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Poor Start of Week for South Korean Won

February 3, 2014 at 10:02 by Vladimir Vyun

10,000-wonThe South Korean won dropped today as poor macroeconomic data from China and quantitative easing tapering from the Federal Reserve resulted in risk aversion that hurt currencies of emerging markets.

The week started with poor market sentiment as China’s manufacturing Purchasing Managers’ Index was released over the weekend, showing a drop from 51.0 in December to 50.5 in January. Such reading was expected and it still indicates expansion of the sector, but the drop was enough to spoil the traders’ mood. Truth be told, the sentiment was already rather sour after last week’s stimulus reduction by the US Fed.

USD/KRW advanced from 1,080.7999 to 1084.7700 as of 10:00 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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