The South Korean won declined today as the risk aversion on the Forex market deterred traders from higher-yielding assets of emerging economies, including the South Korean ones.
The market sentiment was hurt by the comments of Senate Majority Leader Harry Reid about lack of progress in the talks about avoiding fiscal cliff. Europe’s problems also remain a negative factor even after Greece managed to convince the European Union to ease terms of the rescue package. All in all, it is not a good trading environment for currencies associated with risk.
USD/KRW rose from 1,086.7999 to 1088.5900 as of 11:21 GMT today.
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