[이코노믹리뷰=금교영 기자] The won-dollar exchange rate soared, surpassing the 1,130 won level in four months. Jerome Powell, the chairman of the Federal Reserve System of the United States (Fed, Fed), is interpreted as the impact of undermining risk preference sentiment in the financial market due to disappointment that he did not come up with a solution to prevent the rise in bond rates.
On the 5th, the won-dollar exchange rate in the Seoul foreign exchange market started at 1,132.0 won, up 6.9 won from the previous trading day (1,125.1 won). This is the first time since November 4 last year (1,137.7 won based on the closing price) that the won-dollar exchange rate has risen to 1,130 won.
Fed Chairman Powell said at an online job-related event hosted by the Wall Street Journal (WSJ) on the 4th (local time), “if the economy reopens and hopefully recovers, inflation (inflation) may rise due to the base effect.” This is a temporary phenomenon and we will be patient.”
Although he has repeatedly expressed his intention to maintain easing monetary policy for a considerable period of time, the market has expressed disappointment by not making any comments to alleviate concerns over the recent soaring government bond yields.
As a result, the US 10-year Treasury bond yield surged above the 1.5% line, and the US stock market fell at once. On the New York Exchange, the Dow Jones 30 Industrial Average fell 1.1%, the S&P 500 index 1.34%, and the Nasdaq index 2.11%, respectively.
The domestic stock market also started falling. On the 5th, the KOSPI index was 3,036.16, which was 7.33 points (0.24%) lower than the previous trading day (3043.49). As of 12:35, it has recovered to the 3,000 line again at 3,023.51.
Min Kyung-won, a researcher at Woori Bank, said, “We have turned away from market expectations that Powell will give a signal that he has enough room to cope with the rise in long-term interest rates. I will.”