Won Falls as Traders Look at Greek Referendum with Concerns

The South Korean won dropped today as the tension about the upcoming referendum in Greece continued to damp demand for riskier currencies of emerging markets.

The European leaders said that Greece won’t receive any help until the referendum will be conducted. The negative outcome of the referendum may cause the country to leave the European Union. Mario Draghi, who succeeded
Jean-Claude Trichet, will lead today his first monetary policy meeting as the President of the European Central Bank. The interest rates will likely remain at the present level, while many economists argue that the rates should be lowered to ease the pressure on the European economy.

USD/KRW rose from 1,122.2999 to 1,128.0499 as of 9:49 GMT, while the daily maximum was 1,135.1000.

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