The South Korean won advanced today as investors were buying Asian nation’s assets amid risk appetite created by hopes that the US Federal Reserve will maintain its stimulus.
According to the exchange data, investors have purchased $128 million more South Korean bonds than they sold so far this week. The won rallied to the highest level in more than a month. Investors were willing to risk after Fed Chairman Ben Bernanke said last week that monetary policy will remain accommodative for “foreseeable future”. Yet there is nervousness on the market as Bernanke speaks again this week and traders are worried that he may change his stance.
USD/KRW slid from 1,118.0000 to 1117.2899 as of 13:07 GMT today.
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