Forex
Won Weakens as War Fears Lift Oil Prices and Prompt Risk-Off Selling
The Korean won has weakened against the US dollar as fears of war in the Middle East lift oil prices and prompt risk-off selling. The exchange rate stood at 1,475.2 won per dollar at 9 am on July 24, up 8.4 won or 0.57% from the previous day's closing price.
Investor sentiment has turned bearish as the US-Iran conflict escalates into a full-scale war pattern, causing international oil prices to rise. Brent crude topped $100 per barrel and West Texas Intermediate broke through $90 on July 23 in New York.
The Dow Jones Industrial Average fell 0.97%, the S&P 500 dropped 1.21%, and the Nasdaq composite fell 2.15% on the same day. US President Donald Trump said he is considering 'a much larger, large-scale attack than before.'