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Pound Sterling to South Korean Won (GBP/KRW) Exchange Rate Forecast to Edge Higher
Published: 4 Jun at 5 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates,
After the Bank of England (BoE) opted to hold the cash rate, a decision most economists predicted, the Pound advanced versus many of its peers. The appreciation can be linked to traders accepting that the BoE policymaker’s choice to remain inactive was best for the UK at this juncture. This is due, in the main, to recent slowing services and manufacturing growth which indicates sluggish second-quarter gross domestic product.
In addition to positive sentiment towards the British central bank, the Pound advanced thanks to domestic data. On the year, New Car Registrations advanced by 5.7% in May; bettering the previous growth of 5.1%. The advance in registrations has been linked to increased demand for eco-friendly and electric vehicles. ‘The remarkable growth in demand for plug in vehicles is expected to continue as the range of ultra low emission vehicles on sale increases,’ UK Society of Motor Manufacturers and Traders (SMMT) Chief Executive Officer Mike Hawes said. ‘The growth is further evidence of UK car buyers' increasing awareness of the significant benefits of driving a ULEV [ultra-low emission vehicles], as they look to reduce their running costs and environmental impact,’ the SMMT added.
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate is currently trending in the region of 1708.2901.
The South Korean Won, meanwhile, edged higher versus many of its closest currency rivals after annual growth data bettered estimates, albeit fractionally. On the year, Gross Domestic Product advanced by 2.5% in the first-quarter; slightly bettering the market consensus of 2.4% growth. On a quarterly basis, GDP met with the forecast 0.8% increase.
Recent developments which has seen a free trade agreement between China and South Korea is expected to boost future GDP readings. In her letter to President Xi, President Park Geun-hye called the deal a ‘historic milestone in the countries’ efforts to deepen their strategic cooperative partnership,’ according to Yonhap News. Similarly, Xi hailed the FTA as a ‘monumental event’ that will ‘not only lead to a new leap in trade relations between the two countries but also bring practical benefits to the people of both countries.’
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate was trending within the range of 1698.9689 to 1715.4299 during Thursday’s European session.
In addition to positive sentiment towards the British central bank, the Pound advanced thanks to domestic data. On the year, New Car Registrations advanced by 5.7% in May; bettering the previous growth of 5.1%. The advance in registrations has been linked to increased demand for eco-friendly and electric vehicles. ‘The remarkable growth in demand for plug in vehicles is expected to continue as the range of ultra low emission vehicles on sale increases,’ UK Society of Motor Manufacturers and Traders (SMMT) Chief Executive Officer Mike Hawes said. ‘The growth is further evidence of UK car buyers' increasing awareness of the significant benefits of driving a ULEV [ultra-low emission vehicles], as they look to reduce their running costs and environmental impact,’ the SMMT added.
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate is currently trending in the region of 1708.2901.
The South Korean Won, meanwhile, edged higher versus many of its closest currency rivals after annual growth data bettered estimates, albeit fractionally. On the year, Gross Domestic Product advanced by 2.5% in the first-quarter; slightly bettering the market consensus of 2.4% growth. On a quarterly basis, GDP met with the forecast 0.8% increase.
Recent developments which has seen a free trade agreement between China and South Korea is expected to boost future GDP readings. In her letter to President Xi, President Park Geun-hye called the deal a ‘historic milestone in the countries’ efforts to deepen their strategic cooperative partnership,’ according to Yonhap News. Similarly, Xi hailed the FTA as a ‘monumental event’ that will ‘not only lead to a new leap in trade relations between the two countries but also bring practical benefits to the people of both countries.’
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate was trending within the range of 1698.9689 to 1715.4299 during Thursday’s European session.
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Source: moneytransfer.co.uk