Hamilton Crawford: Won boosted by investors’ favorable view of South Korea’s new president and consistent inflow of capital.
Shanghai, China – July 21, 2017 – (Newswire.com)
Following three consecutive years of losses against the U.S. dollar, the South Korean won did not start the year as a clear winner.
Halfway through 2017, with a new president promising to extend the distribution of the country’s wealth beyond the corporations that have traditionally monopolized the economy, the South Korean won is up 7.8% against the greenback.
Analysts at Shangai, a China-based investment boutique, Hamilton Crawford believe that there is a strong possibility of more appreciation on the horizon.
“While investors should not be overly optimistic, any correction is a chance to take advantage and buy the won,” said a Hamilton Crawford currency analyst.
A significant benefit of the South Korean currency is a strengthening of worldwide trade that has been advantageous to South Korean exporters. South Korea’s neighbor, Taiwan, has also benefited from increased export trade and has seen its own currency appreciate significantly in 2017.
Newly-elected President, Moon Jae-in has encouraged foreign investor attention after taking over from disgraced predecessor, Park Geun Hye in May of this year. His promises to reduce the influence of conglomerates and pursue a diplomatic rapprochement with North Korea have made him and his policies popular with foreign investors.
On the 4th of July, when North Korea announced that it had launched an intercontinental ballistic missile, the won was barely affected. President Moon is currently fulfilling campaign promises to enter into discussions with Kim Jong Un by proposing humanitarian and military talks.
Analysts at Hamilton Crawford say they expect export-driven economies like South Korea and neighboring Taiwan to continue to profit from growth in the world’s technology sector.
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