The South Korean won appreciated to around 1,388 on Friday, as the greenback eased amid growing bets on Fed rate cuts following the latest US inflation data. With the CPI posting a 0.4% monthly increase and a 2.9% annual gain in August, still above the Fed’s 2% target, investors interpreted the data as moderate enough to keep alive prospects of a policy shift in its September meeting, given labor market weakness. Domestically, President Lee Jae Myung scrapped plans to revise the capital gains tax on stock investments, warning the change threatened market stability. The reversal, which followed backlash from retail investors, eased policy uncertainty and lifted sentiment.
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