Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Mr. Daniel Yoo, Global Strategist at Yuanta Securities.
Mr. Yoo, good afternoon. Thank you for making time today.
Last week on Wall Street we saw the return of some significant volatility on concerns that the Fed will raise rates or start tapering sooner than expected. Today, stocks bounced back in a big way, the Dow up 1.7 percent, the S&P up 1.4.
What's the story in the global markets?
Today, Korean stocks are up too. Much of the same issues at play. The KOSPI up around three quarters of a percent, more than making up yesterday's decline. Tell us about the domestic market.
We saw this last week, but talk about the Fed raising rates has the dollar index bouncing back from around 90 to around 92. That means the Korean won is weaker against the dollar, the exchange rate now around 11-32. This could encourage the Bank of Korea to move first on rates to prevent any instability there. What do you see happening with foreign exchange and the possibility of the won weakening further?
In the past week, the price of Bitcoin has come down from around 40-thousand dollars now to around 32-thousand or a little lower. China has continued its crackdown on crypto. What explains this decline in crypto prices?