Biden's US Infrastructure Investment Announcement Boosts Investor Sentiment... Exchange Rate Declines (Update)
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[Asia Economy Reporter Eunbyeol Kim] On the morning of the 2nd, the KRW-USD exchange rate fell to the 1120 won level. This was due to U.S. President Joe Biden announcing an infrastructure investment plan worth $2.25 trillion (approximately 2545 trillion won), which caused the dollar to weaken. Additionally, the New York market closed higher overnight, boosting risk asset investment sentiment, which also affected the exchange rate.
As of 9:29 a.m. that day, the KRW-USD exchange rate was trading at 1127.4 won per dollar, down 4.5 won from the previous day.
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Following President Biden's infrastructure plan announcement, the U.S. stock market rose, stimulating investment sentiment in the Korean won, which is classified as a risk asset. Foreign investors' net buying of stocks in the domestic stock market is further driving the exchange rate down.
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