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Biz News Korea(Eng)
Korean won hits 13-month high on weak U.S. data, S&P upgrade
- Collected
- 2016.08.11
- Distributed
- 2016.08.12
- Source
- Go Direct
The dollar that opened at 1,103.0 won closed Wednesday at 1,095.4 won, down 10.7 won from the previous day. It is the first time the dollar slipped below 1,100-won threshold since June 22 last year.
U.S. productivity fell 0.5 percent in the second quarter in a losing streak for three straight quarters, convincing investors that the U.S. Federal Reserve won’t be able to renew tightening in September. The Korean won’s sharp gain also was contributed by a surprise one-notch upgrade in Korea’s sovereign credit rating by Standard & Poor’s to AA.
By Park Yoon-ye
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