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S.Korean won hits 2-yr low before Fed chief's testimony; shares down
July 14, 2015 / 3:15 AM / 2 years ago

S.Korean won hits 2-yr low before Fed chief's testimony; shares down

By Yeawon Choi
    SEOUL, July 14 (Reuters) - The South Korean won skidded to a
2-year low against the dollar on Tuesday morning, as Greece's
deal with is creditors allowed markets to refocus their
attention on the greenback which is being bolstered by
expectations of higher interest rates later this year.
    The won  was down 0.7 percent at 1,138.0
per dollar as of 0233 GMT after falling as low as 1,140.7, the
lowest level since July 10, 2013.
    "The Greece issue is no longer in the spotlight and
investors are now looking at U.S. markets as the Fed chief is
expected to keep her stance that interest rates will be raised
within the year," said Jeon Seung-ji, a foreign-exchange analyst
at Samsung Futures.
    Market participants are keeping an eye on Federal Reserve
Chair Janet Yellen's semi-annual testimony on monetary policy
later in the week which is largely expected to mirror her news
conference last Friday. 
    Jeon added the won is expected to trade within 1,135 and
1,142 on Tuesday.
    Seoul shares were set to break a three-day winning streak as
market bellwether Samsung Electronics and another chipmaker SK
Hynix fell after China's Tsinghua Unigroup Ltd offered to buy
their U.S. rival Micron Technology Inc.
  
    The Korea Composite Stock Price Index (KOSPI) was
down 0.1 percent at 2,058.77 points from the previous close at
2,061.52. Gainers led losers by 1.85 to 1.
    Technology giant Samsung Electronics Co Ltd,
which makes up 12 percent of the main bourse's market value, was
down 3.0 percent at 1,227,000 won.
    SK Hynix Inc lost 5.8 percent after falling as
much as 6.8 percent to 37,800 won, the lowest since April 17,
2014.
    September futures on three-year treasury bonds were
down 0.01 point at 109.03.
                      0233 GMT     Prev close
 Dollar/won            1,138.0        1,130.6
 Yen/won            9.2153/222         9.1980
 *KTB futures           109.03         109.04
 KOSPI                2,058.77       2,061.52
 * Front-month futures on three-year treasury bonds 

 (Editing by Shri Navaratnam)

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