“Korea’s has fallen to its lowest level since 2009 due to the Fed’s hawkish stance and political risks.”, — write: epravda.com.ua
Korea’s has fallen to its lowest level since 2009 due to the Fed’s hawkish stance and political risks. Bloomberg writes about it. On Thursday, the dollar rose 1.5% to 1,460.2, its weakest level since March 2009, before it pared some of its losses. The currency was hit by a broad rally in the U.S. dollar after U.S. Federal Reserve officials said they would slow the pace of interest rate cuts next year. Bloomberg’s dollar spot index rose to its highest level since 2022.Advertisement: It also came under pressure from political chaos in Korea. The currency weakened even after South Korea’s parliament voted to impeach President Yoon Seok-yeol on Saturday, a decision still subject to review by the Constitutional Court. Investors fear that a leadership vacuum in South Korea will hinder the implementation of key economic strategies and complicate trade negotiations with the administration of US President-elect Donald Trump. It has fallen more than 11% against the dollar this year.Advertisement: Recall: After the declaration of martial law in South Korea, the won (the country’s currency) fell to 1427.10 per dollar, reaching its lowest level in two years.