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South Korean won suffers biggest two-day loss since January

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South Korean won suffers biggest two-day loss since January

South Korea’s new finance minister issued a call for aggressive action to revive economic growth, fuelling speculation that South Korea will cut interest rates. The won had its biggest two-day loss in six months, falling 1.3% from July 14 and 0.5% today to 1,031.98 per dollar at the close in Seoul, according to data compiled by Bloomberg – the biggest two-day drop since January 6.

The nation needs to act preemptively against economic risks, Finance Minister Choi Kyung Hwan said at his inauguration today. The benchmark 10-year sovereign bond yield declined four basis points to 3.03%, according to Korea Exchange Inc. prices. That’s the lowest for similar government debt since May 2013, the last time the Bank of Korea cut rates. 

One-month implied volatility, a gauge of expected swings in the won’s exchange rate used to price options, climbed 25 basis points, or 0.25 percentage point, to 5.80%.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, advanced the most in two weeks yesterday as Federal Reserve Chair Janet Yellen said US borrowing costs may rise sooner than expected if the labour market improves.

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.