The South Korean won marked its biggest gains in roughly two weeks on Monday against the world's reserve currency as the trade week began as confidence spread about the preparation for month's end amongst traders, according to Bloomberg.
The nation's leader resigned on Sunday in the aftermath of the fatal maritime accident for which the government has endured harsh criticism. Lee Ju Yeol, governor of the Bank of Korea, is scheduled to deliver a speaking engagement on Monday and national markets are scheduled to be closed this Thursday and for two days early next week in observation of holidays.
The ferry accident was the nation's worst in about 40 years. Thus far, the confirmed number of deaths totals 188 and is likely to climb higher than 300. On the day of the accident, 174 of 476 passengers were rescued.
The won climbed roughly 0.3 percent against the greenback on, notating its biggest advance since April 11. The won's rise thus far this month is about 2.6 percent against the dollar.
The Bank of Korea said inflation will climb as high as 3.5 percent this year, Reuters reports.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
