South Korea’s currency and its stock market will take center stage on Monday, as investors respond to a weekend vote to impeach President Yoon Suk Yeol following his attempt to impose martial law.
The Korean won will be the main focus for traders, after its heavy losses during the country’s recent political chaos. The currency has lost more than 2% against the greenback since President Yoon stunned markets on Dec. 3 by imposing — and quickly reversing — martial law. The won ended Friday’s session at 1,435.45 per dollar.
"The impeachment bill’s passage will imply that the worst is over for the won in terms of political uncertainty, and markets will finally be able to gauge the direction of the currency,” So Jaeyong, an economist at Shinhan Bank, said before the vote took place. "It will help put a cap on the won’s losses at around 1,444 per dollar,” he added.
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