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15 days ago
S.Korea won weaker after Fed minutes; N.Korea worries linger
July 6, 2017 / 3:06 AM / 15 days ago

S.Korea won weaker after Fed minutes; N.Korea worries linger

3 Min Read

    * Won touches 1,153.3, a 4-month low soon after market opens
    * Won to continue trading narrowly for a while - analyst
    * Stocks tentative; await Samsung Elec's Q2 earnings
guidance

    SEOUL, July 6 (Reuters) - The South Korean won       
slipped to a near four-month low early on Thursday, as the
greenback stayed solid against Asian currencies after the U.S.
Federal Reserve's June meeting minutes while concerns over North
Korea lingered.
    Fed minutes showed that policymakers were increasingly split
on the outlook for inflation and how it might affect the future
pace of interest rate rises.             
    The won            was quoted at 1,152.4 against the dollar
as of 0231 GMT, down 0.2 percent from Wednesday's close of
1,150.5. The currency briefly touched a low of 1,153.3, the
weakest intraday-level since March 10, soon after the market
opened. 
    "Fed minutes did have some impact on the market movements
today but was limited as it showed what was largely expected,"
said Paik Seokhyun, a foreign exchange analyst at Shinhan Bank.
    "Geopolitical risks regarding North Korea is also giving
slight pressure."
    The United States cautioned on Wednesday it was ready to use
force if need be to stop North Korea's nuclear missile
programme.             
    He added the won was likely to trade in tight ranges for a
while.
    South Korean shares also eased in line with most Asian
bourses, while investors awaited second-quarter earnings
guidance from tech giant Samsung Electronics            , which
is due on Friday.
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.2 percent at 2,384.13 points.
    Shares of Samsung Electronics gained nearly 1 percent while
LG Electronics             lost 3.7 percent. 
    Foreign investors were poised to be net buyers, purchasing
86.9 billion won ($75.41 million) worth of KOSPI shares near
mid-session. 
    Decliners outnumbered advancers 439 to 343.
    September futures on three-year treasury bonds         held
steady at 109.17. 
    
                       0231 GMT    Prev close
 Dollar/won             1,152.4       1,150.5
 Yen/won             10.1911/55       10.1724
 *KTB futures            109.17        109.17
 KOSPI                 2,384.13      2,388.35
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Jacqueline Wong)
  

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