Won Set to Make a Comeback on Bets of Central Bank Support [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — The worst may be over for the South Korean won on growing signs of central bank support and an upturn in exports, according to strategists. The won is set to recover after falling to 1,400 per dollar, the lowest level in more than a year. Optimism is growing after a meeting of finance chiefs from South Korea, Japan and the US signaled increased appetite by the Asian counterparts to defend their respective currencies. Article content Article content The currency may strengthen to 1,335 per dollar by year-end as demand for the nation's tech products improves and the likely start of the Federal Reserve's easing cycle add to its appeal, according to Oversea-Chinese Banking Corp. “The 1,400 level should cap upside in dollar-won for now,” as there seems to be a psychological resistance for the dollar following the trilateral meeting, said Christophe
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