real-time news and commentary for investors
Tuesday, Sep 10
South Korean unemployment ticks lower, intervention fears halt won rally
- South Korea August unemployment: 3.1% versus 3.2% for July.
- The won retreats a bit after hitting a seven-month high at one point on Tuesday.
- Speculation regarding possible central bank intervention to stem the currency's rise may have the market spooked. "Traders are cautious about betting aggressively [around] the 1,080 level, because of the risk of intervention," one trader says.
- A stronger currency dents "the competitiveness of the nation’s exports, which contribute about 45% of GDP," Bloomberg notes.
- South Korea ETF: EWY