South Korea's Finance Minister Choo Kyung-ho came out with verbal intervention on Thursday, noting that they “will work to minimize adverse impact from weakening won.”
He said that they “will announce measures to stabilize FX market if needed.”
The talking up of the South Korean won by the South Korean authorities briefly helped the beleaguered currency, as USD/KRW dropped from daily highs of 1,302.79. At the time of writing, the pair is trading at 1,300, up 02.17% on the day.
The won tumbled below the 1,300 mark vs. the US dollar for the first time in 13 years amid looming global recession worries.
“The won has weakened more than 8% this year, following an 8.6% drop in 2021 that was the fastest annual fall since 2008,” per Reuters.
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Weak growth-related data and concerns of an economic slowdown spurred risk aversion on Thursday. AUD/USD is down for a second consecutive day and approaching the June monthly low at 0.6850.
The EUR/USD pair eased after EU data showed a sharp deceleration in businesses activity at the end of the second quarter in the Union. US Federal Reserve Chair Jerome Powell fueled recession concerns.
XAUUSD is gaining bearish traction and is poised to challenge the weekly low. Fed’s Powell testimony spurred risk aversion amid inflation and growth fears. US data pointed to slowing economic progress at the end of the second quarter.
Ripple’s XRP price continues treading with mundane price action. Time will tell which direction the digital remittance token heads next.
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