Won Strengthens on Fed Chief's Remarks

      June 08, 2016 09:51

      Easing fears of an imminent of U.S. interest rate hike caused the won to strengthen by more than W20 against the U.S. dollar on Tuesday.

      The won closed at W1,162.7 against the dollar, up W20.9 from the previous session. The KOSPI also closed up 1.3 percent at 2,011.63 powered by foreign buying.

      Weak U.S. employment figures for May prompted investors to rule out an imminent rate hike. Jobs in the U.S. grew by only 38,000 in May, a mere quarter of the 160,000 projected by analysts.

      Federal Reserve Chair Janet Yellen said during a lecture on Monday that the job figures were "disappointing," but also cautioned against putting too much emphasis on one indicator.

      She did not make any comments on future rate hikes.

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