Won Soars as U.S. Treasury Hails Weak Dollar

      January 26, 2018 11:22

      The Korean won strengthened to W1,057.9 against the U.S. dollar at one point during trading on Thursday, the highest in more than three years. It closed at W1,058.6.

      Investors bought won as U.S. Treasury Secretary Steven Mnuchin in a rare intervention said Wednesday the weaker dollar is positive for American trade. "Obviously, a weaker dollar is good for us... because it has to do with trade and opportunities," Mnuchin said at the Davos Forum in Switzerland.

      His comments also prompted the Japanese yen and Chinese yuan to strengthen by more than one percent, while the British pound soared over two percent.

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