The USD-KRW exchange rate closed at 1,530.00 won at 6 AM on May 7, up 4.40 won from 1,525.60 won at 3:30 PM on May 3, as Seoul's foreign exchange market operated its first 24-hour trading session. The pair reduced intraday gains following global dollar movements. Upward momentum was limited by weakened custody buying related to foreign selling of Korean stocks and market caution over authorities' smoothing operations, while the dollar index traded around the 100.8 level.
USD-KRW Reaches Intraday High at 1,537.50 Won Before Retreating
USD-KRW opened at 1,527.60 won at 6 AM on the previous day, 2.00 won higher than Seoul's closing price on May 3. The pair climbed to an intraday high of 1,537.50 won during morning hours as settlement demand from low-price buying flowed into the market. The exchange rate subsequently reduced gains and confirmed a lower boundary at 1,526.70 won, then moved within a limited range. Foreign custody buying related to net selling of domestic stocks weakened during the session.
ECB's Schnabel Voices Core Inflation Concerns, EUR-USD Reverses Higher
The dollar index surrendered earlier gains and traded around the 100.8 level with no specific U.S.-driven catalysts. The euro strengthened against major currencies following hawkish remarks from European Central Bank Executive Board member Isabel Schnabel. Schnabel stated that "headline inflation in the eurozone has come down from its peak, but core inflation has reacted much less and its momentum remains strong." EUR-USD reversed higher in the New York session following this commentary. EUR-USD traded at 1.14380 dollars at the same time, down 0.00006 from the previous session.
Overnight Trading Session Records Light Volume Activity
Trading volume remained thin during early morning hours. USD-KRW traded at 1,529.00 won at 4:16 AM on May 7. The pair concluded trading at 1,530.00 won in a transaction executed at Seoul Money Brokerage at 5:30 AM. USD-JPY traded at 162.069 yen at the same time, up 0.014 yen from the previous session. Offshore USD-CNY recorded 6.7928 yuan, up 0.0013 yuan from the previous session.
FAQ
What was the USD-KRW closing rate at 6 AM on May 7?
USD-KRW closed at 1,530.00 won at 6 AM on May 7, up 4.40 won from 1,525.60 won at 3:30 PM on May 3.
What did ECB's Isabel Schnabel say about eurozone inflation?
ECB Executive Board member Isabel Schnabel stated that headline inflation in the eurozone has come down from its peak, but core inflation has reacted much less and its momentum remains strong.
What was the intraday high for USD-KRW during the session?
USD-KRW reached an intraday high of 1,537.50 won during morning hours before reducing gains.
