# Koreans Snap up Dollars Despite Spiking Rate

> Korean households and businesses bought dollars in May as the won weakened past 1,200 per dollar amid trade-war worries and a first-quarter economic contraction. Foreign-currency deposits rose by $2.4 billion to $65.6 billion as of late May.

- Date: 2019-06-18 · published 2019-06-18T12:00:00.000Z
- Category: macro · region South Korea · magnitude low
- Page: https://feedsoft.ai/events/58828-koreans-snap-up-dollars-despite-spiking-rate
- Commodities: [Korean Won (KRW per USD)](https://feedsoft.ai/c/USDKRW.md)

## Why it matters

Heavy dollar buying reflects financial stress in Korea's economy and currency weakness that raises the local cost of dollar-priced feed imports.

## Read by commodity

- USDKRW: bullish ▲

## Sources

- chosun.com: https://www.chosun.com/english/industry-en/2019/06/18/RESGZBKFU6HXESNHMA34TPBZF4/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.