The South Korean won dropped against the US dollar today, demonstrating the biggest decline in two weeks, as positive housing data from the United States bolstered the greenback.
Yesterday’s data on housing starts and building permits in the USA brought the dollar higher, driving riskier currencies of emerging markets down at the same time. Sometimes good economic news from America helps the risk sentiment, but nowadays signs of US economic growth associated with eventual monetary tightening from the Federal Reserve, and this is not good for risky assets. Forex market participants are now focused on this week’s speech of Fed Chairperson Janet Yellen in Jackson Hole, which may provide additional insights into the US central bank’s plans.
USD/KRW climbed from 1,018.00 to 1,022.48 as of 12:56 GMT today, the biggest gain since August 6.
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