Korean Won Gains on BoK Hikes and Chip Boom

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Summary · why it matters

The Korean Won continues to advance, supported by back-to-back Bank of Korea rate hikes to 3.00% and a Dot Plot signaling a further rise to 3.25% in six months, according to ING's Chris Turner. The currency's strength is also underpinned by a booming semiconductor sector, which is boosting export revenues and attracting foreign investment. These factors together are driving sustained appreciation of the KRW against major currencies.

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