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The Korean won extended its rally against the dollar, trading near 1,239 per dollar and rising about 17% from its October low. Investors bet that US inflation would ease and that Federal Reserve rate increases might slow or stop.
Weak US wage growth and a contraction in US services activity in December supported the move.
A firmer won lowers the local-currency cost of dollar-priced feed imports, which can ease import costs for Korean feed buyers. The move depends on Fed expectations, so it could reverse if US data firm.
koreajoongangdaily.comJIN MIN-JIJan 10, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
