South Korea President Yoon declares martial law, USD/KRW jumps to two-year high

Market news

3 December 2024

South Korea President Yoon declares martial law, USD/KRW jumps to two-year high

South Korean President Yoon Suk Yeo announced on Tuesday that they have declared martial law to clear out pro-North Korea elements, per Reuters.

Yoon said the government administration has been paralyzed because of the opposition party's conducts and added that they will rebuild a free and democratic country through martial law.

Market reaction

The USD/KRW pair surged higher with the immediate reaction to this development and was last seen trading at its highest level in two years at 1,422.20, rising 1.4% on a daily basis.

United States Redbook Index (YoY): 7.4% (November 29) vs 4.9%

EUR/USD edges higher as Fed speakers talk up Christmas interest-rate cut

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