Won Gains on US Employment & Hopes for Europe, Falls Again

The South Korean won gained today as the positive US employment report reduced investors’ fear of a new recession, while hopes that the European leaders would find a way to resolve the region’s crisis further bolstered the South Korean currency. The won later fell.

The US non-farm payrolls grew last more than in the month before, spurring the speculation that the US economy is on track to recovery. France and Germany are discussing measures that may lead to a fiscal consolidation of the European Union countries. Traders await the results of the summit on December 9, but for now the market sentiment retains its positive character from the previous week.

USD/KRW rose from 1,127.7000 to 1,129.6500 today as of 18:56 GMT after falling to 1,124.7000 earlier.

If you have any questions, comments or opinions regarding the South Korean Won,
feel free to post them using the commentary form below.