Powell's 'Inflation Persistence' Outlook... Exchange Rate Starts at 1188 Won, Up 6.2 Won
[Asia Economy Reporter Jang Sehee] On the 30th, the won-dollar exchange rate opened at 1188.0 won, up 6.2 won, in the Seoul foreign exchange market. This was due to Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), expressing concerns overnight about the prolonged inflation.
Earlier, Chairman Jerome Powell, in a speech at a forum hosted by the European Central Bank (ECB), mentioned the possibility of sustained inflation, stating, "The current surge in inflation is the result of very strong demand and ongoing supply constraints trying to meet it."
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Jeon Gyu-yeon, a researcher at Hana Financial Investment, said in an interview with Asia Economy, "Unlike Chairman Jerome Powell's initial remarks that inflation was temporary, his concerns about its prolongation seem to have been reflected in the market's inflation worries." Meanwhile, the exchange rate had also risen to 1188.5 won the previous day, setting a new high.
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