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South Korean Won Retreats from Two-Week High

October 16, 2014 at 13:18 by Vladimir Vyun

10,000-wonThe South Korean won fell against the US dollar, following the rally to the two-week high, as the market sentiment was risk-negative and data from the United States boosted the greenback.

While the US currency demonstrated big losses yesterday, it was rising today thanks to risk aversion among Forex traders. Market participants were expressing pessimism due to signs of global economic slowdown and were reluctant to purchase risky currencies of emerging markets. On top of that, today’s employment data from the USA further increased the dollar’s appeal.

USD/KRW was up from 1,060.50 to 1,065.20 as of 13:17 GMT today. Previously, the currency pair fell to 1,057.62 — the lowest since September 30.

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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