Seoul: Won falls with stocks before BOK's rate decision
[SEOUL] South Korea's won and stocks fell before the central bank's rate decision, with three of 18 economists surveyed forecasting a cut and the rest no change.
The currency snapped a two-day gain and headed for a second weekly loss, its worst performance since February.
The Nikkei reported that shipments of iPhone chips will likely shrink for the rest of the year, clouding the outlook for South Korean semiconductor manufacturers such as Samsung Electronics Co.
The won dropped 0.7 per cent to 1,171.10 per US dollar as of 9:42 am in Seoul, taking its decline for the week to 1.4 per cent, according to prices from local banks compiled by Bloomberg.
The 10-year bond yield was steady at 1.76 per cent and that on the three year held at 1.43 per cent, two basis points above Monday's all-time low.
The Kospi stock index fell 0.4 per cent.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Yen surges against US dollar on suspected intervention
Singapore stocks start week in the black ahead of Fed meeting; STI up 0.1%
Sembcorp announces long-term power purchase agreements with Equinix
Asia: Shares rise as Fed looms large; yen crumbles below key level
Singapore stocks decline at Monday’s open; STI down 0.3%
Stocks to watch: Singtel, Keppel, Great Eastern, Seatrium, Best World