South Korea’s won rose to within 0.1 percent of an eight-month high on signs of progress in talks to avoid a U.S. debt default and as overseas investors pumped money into local equities. Government bonds rose.
President Barack Obama told Republicans at a White House meeting yesterday that he wants to raise the debt limit and end the partial government shutdown, now in its 10th day, said Representative Hal Rogers of Kentucky. Obama didn’t accept or reject a Republican plan as the two sides pledged to keep talking last night. South Korean Finance Minister Hyun Oh Seok said prolonged budget negotiations would hurt the U.S. and global financial systems.
“Speculation is increasing the budget talks will reach a deal, which may lift sentiment,” said Jeon Seung Ji, a currency analyst at Samsung Futures Inc. in Seoul. “Foreign inflows in local stocks are a strong support for the won.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015