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S.Korean won tumbles after Fed hike despite official warnings

By Choonsik Yoo SEOUL (Reuters) -South Korea's won fell more than 1% on Thursday, ending below a key psychological level for the first time in 13-1/2 years, as the U.S. Federal...
S.Korean won tumbles after Fed hike despite official warnings © Reuters. FILE PHOTO: A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

By Choonsik Yoo

SEOUL (Reuters) -South Korea's won fell more than 1% on Thursday, ending below a key psychological level for the first time in 13-1/2 years, as the U.S. Federal Reserve continued to aggressively raise interest rates, pressuring emerging market currencies.

Defying official warnings from policymakers in Seoul against sharp currency moves, the won fell as much as 1.4% at one point.

It ended down 1.1% at 1,409.7 per dollar, marking the first time it ended weaker than the 1,400-won level since mid-March 2009. Every 100-won mark is considered psychologically important in South Korea.

Selling intensified despite warnings of action by both the finance ministry and the central bank against excessive currency movements and media reports that the authorities were seeking to introduce measures to ease dollar demand in the local market.

The won's fall came mainly as the U.S. dollar surged to a fresh two-decade high overnight after the U.S. Federal Reserve raised interest rates by another 75 basis points and signalled more large increases to come.

The South Korean currency has now lost more than 15% of its value against the dollar so far this year mainly on greenback strength but also due to a deteriorating trade balance, making it one of the worst performers among its peers.

The finance minister vowed at a meeting of officials early on Thursday to introduce measures to ease pressure on the won, while local media reported the central bank and the national pension fund could form a currency swap.

He did not elaborate. Local media reported late on Wednesday that the central bank and national pension fund were considering forming a currency swap so that the pension fund can meet some of its dollar demand without buying in the market.

Both the Bank of Korea and the National Pension Service declined to comment on the reports.

Later in the day, Yonhap news agency quoted a senior presidential official as saying in New York that U.S. and South Korean leaders have agreed to examine cooperation for financial stability in South Korea, including a bilateral currency swap.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

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Moving Avg:

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Indicators:

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Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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17,763.03

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Sell (6)

US Small Cap 2000

1,973.05

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Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

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49.155

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Bayer AG NA

27.35

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266.60

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Adidas AG

226.40

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Siemens AG Class N

175.90

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15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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Cập nhật 01-05-2024 10:45:19
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RON 95-V25.44025.940
RON 95-III24.91025.400
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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