FX.co ★ South Korean Won Hits Fresh 7-Month Highs

The South Korean won appreciated to approximately 1,360 per dollar on Monday, reaching its highest level since mid-October 2024. This strength is attributed to the declining value of the US dollar amid changing trade signals from President Donald Trump. Over the weekend, Trump announced an extension of the proposed 50% tariff deadline on European Union goods to July 9, revising the previously set deadline of June 1 after discussions with European Commission President Ursula von der Leyen. This sudden change in stance highlights the volatility of US trade policy and underscores the ongoing effects of tariffs on global trade and economic growth. In South Korea, leading presidential candidate Lee Jae-myung has advocated for continued negotiations with the US to forge a mutually advantageous deal. Both nations are working towards concluding a comprehensive package on tariffs and economic collaboration by July 8. Despite this, South Korea's trade minister has warned that the timeline may experience setbacks due to the upcoming presidential election on June 3.