The Korean won continues to slip against the greenback.
Today, it fell to the lowest level since January, 2017.
With the U.S. economy going strong... this trend could last a while longer.
Kim Hye-sung help us look beyond the numbers.
South Korea’s won fell to a 27-month low amid a rally in the greenback.
The won slid around zero-point-four percent on Friday to close at 1-thousand-170 to the
The Korean won has continued to depreciate in recent months due to weakening economic
data - exports declined for five consecutive months, and GDP growth in the first quarter
contracted zero-point-three percent, the biggest drop since the global financial crisis.
Analysts say it wasn't just a weaker economy that pulled down the won but a stronger dollar
"The U.S. Federal Reserve’s comments played down the possibility of a rate cut in the
U.S. GDP growth remained strong at over three percent in the first quarter, sapping the
appetite for risk and pushing the dollar up.
Also playing a role was a weaker Australian dollar due to lower than expected building
approval data, a sign of slowing economic growth."
In April, the won fell two-point-eight percent against the U.S. dollar, falling by the biggest
margin among the G20 countries after Turkey.
With the U.S. expected to post strong non-farm payroll data Friday local time, analysts say
the dollar will strengthen at least in the short-term, further weighing on the won.
Kim Hyesung, Arirang News.