Due to Expectations of Global Economic Improvement, USD-KRW Exchange Rate Drops by 9.4 Won to 1199.4 Won
[Asia Economy Reporter Kim Eun-byeol] The won-dollar exchange rate fell sharply on expectations that the global economy, which had been contracted due to the novel coronavirus infection (COVID-19), will improve.
On the 24th, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,199.4 won per dollar, down 9.4 won from the previous day's closing price. The exchange rate opened at 1,206.0 won per dollar, down 2.8 won from the previous day, and widened its decline during the session.
This is the first time in 9 trading days since the 11th of this month that the exchange rate has fallen below 1,200 won per dollar. It has dropped more than 16 won in two days.
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Overnight, major countries' economic indicators showed improvement, stimulating risk asset investment sentiment in the won. The Eurozone Purchasing Managers' Index (PMI) for June, released by market information analysis firm IHS Markit, was 47.5, exceeding expectations. It rose significantly from 31.9 in the previous month. The preliminary June US Manufacturing PMI (seasonally adjusted) was 49.6, a sharp increase from the finalized 39.8 in the previous month.
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