South Korean Won Suffers from Europe’s Troubles

10:47 AM // 0 comments // Nak Pya Yam // Category: South Korean Won

The South Korean won, together with other Asian currencies, fell today as Italy became yet another country of the European Union threatened to be engulfed by the debt crisis.


Standard & Poor’s and Moody’s Investors Service voiced concerns about Italy’s ability to finance its debt. The European Central Bank said, according to the German newspaper Die Welt, said that to help Italy the EU would require to double its bailout fund to €1.5 trillion. Investors decreased their holdings of Korean stocks for the first time this month.

USD/KRW advanced from 1,057.85 to 1,066.60 today as of 14:10 GMT.

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