Forex Blog: Currency Trading News & Analysis.

November 30th 2006

Bank of Korea pledges not to touch Won

As the year 2006 winds down, traders and investors are evaluating the performance of their portfolios, especially in the context of competing investments. One currency which stands out in forex markets is the South Korean Won, which has slowly and steadily inched its way upwards against nearly all of the world’s major currencies. In fact, the Won recently eclipsed a 9-year high against the Japanese Yen and has appreciated over 7% against the USD in the year-to-date. While the Korean Won has performed well over the last five years, this year the currency has attracted far less attention than in years past because Korea’s Central Bank abstained both from commenting on the currency’s rise and from threatening to intervene in forex markets to stem its appreciation. Perhaps, it realized such intervention is futile, since Korea’s economy is expected to grow 5% this year, perhaps positioning the currency for another strong performance in 2007.

Read More: Seoul faces dilemma over won’s climb

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