Credit Suisse: Won to depreciate 5.4% in Q3 on weak European export demand

Source: Bloomberg
The South Korea's Won is expected to experience the worst quarter in 2012 as Eurozone's financial woes are dampening demand for South Korea's exports, reported Ray Farris, Credit Suisse Group AG. The South Korean currency is likely to decline 5.4% against the greenback to trade at 1,200 per US Dollar over the third quarter of 2012, Ray Farris added. Meanwhile fiscal turmoil in the Eurozone has forced the government of South Korea to reduce export growth forecast for 2012 from 6.7% to 3.5%.


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