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Pound Sterling to South Korean Won (GBP/KRW) Exchange Rate Forecast to Trend within a Narrow Range on Mixed Korean Data
Published: 31 Jul at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates, Economy,
The Pound Sterling to South Korean Won was trending within a tight range on Friday morning.
During Thursday’s European session, the Pound strengthened versus most of its currency rivals. The appreciation was the result of the biggest drop in British personal insolvency for close to ten years. The Pound softened overnight, however, after the GfK Consumer Confidence Survey declined from 7 to 4 in July. The downtrend continued on into Friday’s European session. Joe Staton, head of market dynamics at GfK, said: ‘Concerns about the general economic situation in the UK for the next 12 months appear to be weighing heavily on consumers’ minds at present. However, on a more personal level, consumers remain resolutely upbeat about their own financial situation for the coming 12 months.’
A positive report from the Confederation of British Industry's (CBI) most recent growth indicator showed that the economy ‘firmed up’ over the past three months thanks to growth in the UK’s services sector. However, the report had minimal impact on the Pound as trader focus was set on the disappointing consumer confidence figure.
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate is currently trending in the region of 1823.8397.
Korean economic data produced a mixed bag of results which has seen the Won edge lower versus most of its currency rivals during Friday’s European session. June’s Industrial Production betters estimates on both a monthly and an annual basis. Manufacturing Production also eclipsed the median market forecast on the year. ‘The rebound was helped by improving exports, resumption of normal operations at local refineries that were closed for regular maintenance in May and companies expanding capacity in electronics,’ said Jeon Baek-geun, director of the short-term industrial statistics division.
However, June’s Retail Sales data was less desirable. On the month, Retail Sales dived by -3.7%. The sharp depreciation in retail sales has been linked to the outbreak of MERS. ‘The impact of MERS on retail businesses was particularly severe,’ the report stated. ‘Sales reported by large discount chains for late July showed conditions returning to normal for the most part although a drop in foreign visitors could delay recovery for the service industry,’ it said.
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate was trending within the range of 1821.7258 to 1830.61004 during Friday’s European session.
During Thursday’s European session, the Pound strengthened versus most of its currency rivals. The appreciation was the result of the biggest drop in British personal insolvency for close to ten years. The Pound softened overnight, however, after the GfK Consumer Confidence Survey declined from 7 to 4 in July. The downtrend continued on into Friday’s European session. Joe Staton, head of market dynamics at GfK, said: ‘Concerns about the general economic situation in the UK for the next 12 months appear to be weighing heavily on consumers’ minds at present. However, on a more personal level, consumers remain resolutely upbeat about their own financial situation for the coming 12 months.’
A positive report from the Confederation of British Industry's (CBI) most recent growth indicator showed that the economy ‘firmed up’ over the past three months thanks to growth in the UK’s services sector. However, the report had minimal impact on the Pound as trader focus was set on the disappointing consumer confidence figure.
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate is currently trending in the region of 1823.8397.
Korean economic data produced a mixed bag of results which has seen the Won edge lower versus most of its currency rivals during Friday’s European session. June’s Industrial Production betters estimates on both a monthly and an annual basis. Manufacturing Production also eclipsed the median market forecast on the year. ‘The rebound was helped by improving exports, resumption of normal operations at local refineries that were closed for regular maintenance in May and companies expanding capacity in electronics,’ said Jeon Baek-geun, director of the short-term industrial statistics division.
However, June’s Retail Sales data was less desirable. On the month, Retail Sales dived by -3.7%. The sharp depreciation in retail sales has been linked to the outbreak of MERS. ‘The impact of MERS on retail businesses was particularly severe,’ the report stated. ‘Sales reported by large discount chains for late July showed conditions returning to normal for the most part although a drop in foreign visitors could delay recovery for the service industry,’ it said.
The Pound Sterling to South Korean Won (GBP/KRW) exchange rate was trending within the range of 1821.7258 to 1830.61004 during Friday’s European session.
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Source: moneytransfer.co.uk