The South Korean won weakened today as uncertainty on the Forex market deterred traders from buying riskier currencies of emerging economies. Investors are looking for Federal Reserve Chairman Ben Bernanke to deliver his speech at Jackson Hole Symposium.
Bernanke will speak tomorrow and market participants hope that he would give hints about Fed’s future monetary policy. Yet signs of robust growth in the United States make trader wonder if stimulus is still in the cards. The uncertainty is not good for risky assets, including the won. The KOSPI Index dropped as much as 1.2 percent.
USD/KRW rose from 1,135.4000 to 1,137.1500 as of 14:49 GMT today, while the daily low was at 1,132.2999.
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