Won–Dollar Exchange Rate Breaks 1,560 Won in Night Trading, Highest Since the Financial Crisis

[Financial News] The won–dollar exchange rate rose above 1,560 won per dollar in night trading. It was the highest level in 17 years and three months, since March 2009 during the Global Financial Crisis (GFC).
According to the Seoul Foreign Exchange Market on the 6th, the won closed at 1,559.0 won per USD in night trading at 2 a.m. It was up 19.9 won from the previous day's daytime close of 1,539.1 won.
The exchange rate widened its gains ahead of the night session close and briefly touched 1,561.5 won intraday. Based on intraday highs, it was the highest level since March 6, 2009, when it reached 1,597.0 won during the GFC.
Earlier, during daytime trading on the 5th, the exchange rate had jumped to as high as 1,549.1 won around 10:27 a.m. It then fluctuated in the 1,530 to 1,540 won range before ending the session at 1,539.1 won.
The trend turned even steeper in the following night session. As buying of dollars intensified from around 9:30 p.m., when the U.S. Employment Report was released, the exchange rate broke through the 1,550 won and 1,560 won levels, both seen as psychological resistance.
The sharp rise in the exchange rate appears to have been driven by both dollar strength and won weakness. As foreign investors continued to sell domestic stocks, prolonged war in the Middle East also boosted demand for safe-haven assets and increased downward pressure on the won.
The U.S. employment data also affected the exchange rate. In the U.S. May Employment Report released that day, labor market conditions came in stronger than expected, raising concerns that high U.S. interest rates could remain in place for longer. As a result, the DXY, which measures the dollar's value against six major currencies, climbed above 100 for the first time in about two months since April.

425_sama@fnnews.com Choi Seung-han Reporter