USD-KRW Expected to Center Around 1,520 Won on July 8 as Geopolitical Risk Boosts Dollar

According to Yonhapinfomax, on July 8, foreign exchange dealers in Seoul forecasted the USD-KRW exchange rate to center around 1,520 won as geopolitical risks strengthened safe-haven demand for the dollar. A ship attack in the Middle East's Strait of Hormuz pushed the dollar index above 101, while the USD-JPY exchange rate climbed above 162 yen, exerting upward pressure on USD-KRW. The overnight rate in the non-deliverable forwards market settled at 1,513.60 won (MID). Dealers predicted an intraday range of 1,510-1,530 won, with some noting the possibility of intervention by South Korean and Japanese monetary authorities.
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