"No Surprise at Jackson Hole"... Won-Dollar Exchange Rate Fluctuates Around 1320 Won (Update)

The won-dollar exchange rate is fluctuating in the 1,320 won range as it digests the speech by Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), at the Jackson Hole meeting.

According to the Seoul foreign exchange market on the 28th, as of 10:10 a.m., the won-dollar exchange rate is 1,320.4 won, down 4.8 won from the previous trading day.

The exchange rate opened at 1,324 won, down 1.2 won from the previous trading day, and has been fluctuating in the low 1,320 won range.

In his opening speech at Jackson Hole, U.S., on the 25th, Chairman Powell said, "We will maintain a restrictive monetary policy until we are confident that the inflation rate is consistently declining to the target level."

Although the remarks were hawkish, they met market expectations and caused no shock. The three major U.S. stock indices all closed higher after rising.

With the New York stock market closing higher without the shock from the Jackson Hole meeting, the KOSPI index started slightly higher on the 28th. Employees are working in the Hana Bank dealing room in Myeongdong, Seoul. Photo by Heo Younghan younghan@

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