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A sharp turnaround in the Korean won due to global weakening in the U.S. dollar may come timely for Korean financial authorities ahead of the release of the U.S. Treasury Department’s next report on foreign exchange policies of major trading partners in April under President Donald Trump who accuses East Asian exporting powerhouses for exploiting foreign exchange for trade gains.
The U.S. dollar finished Tuesday 1,120.3 won, down 3.4 percent from 1,160.0 won on March 9. The won’s strengthening is coupled with a surge in foreign buying in Korean shares after political uncertainty was lifted from a March 10 Constitutional Court ruling to impeach President Park Geun-hye.
Overseas, the dollar weakened after the U.S. Federal Reserve on March 15 delivered much-expected quarter-point hike in key interest rate and reiterated two more increases throughout the year as previously warned.
Trump’s trade agenda also weighed on the currency market. The meeting of G20 finance ministers and central bank governors in Baden-Baden, Germany closed last week without mentioning opposition to protectionist policy due to protest from the U.S.
The market expects the dollar could fall under the 1,100 won threshold as local authorities cannot interfere ahead of the currency report from the U.S. Treasury Department regardless of the impact on Korean exports.
In the last report, Korea was cited on the watch list for currency manipulation.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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