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Pound Sterling to South Korean Won (GBP/KRW) Exchange Rate Forecast to Edge Higher as MERS Hinders South Korean Growth

Published: 23 Jul at 12 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, Exchange Rates, Economy,

The Pound Sterling to South Korean Won (GBP/KRW) exchange rate is currently trending in the region of 1810.6728.

The British Pound softened versus many of its currency rivals during Thursday’s European session. The depreciation can be linked to disappointing domestic data results. On the year, British Retail Sales came in at 4.0% growth in June; missing expectatio0ns of a 4.5% increase in sales. On the month June’s Retail Sales declined by -0.2% despite predictions of a 0.2% rise. The annual Retail Sales excluding Fuel came in at 4.2% in June; failing to meet with the market consensus of 5.0% growth. On a monthly basis, Retail Sales ex Fuel declined by -0.2% in June.

‘The retail sales data are a little disappointing, but the underlying trend is still decent and the data are not a body blow to improved second quarter growth hopes,’ said IHS Global Insight economist Howard Archer. ‘Despite June’s dip, the prospects for retail sales and consumer spending look bright for the rest of 2015 and beyond.’

The Pound Sterling to Korean Won (GBP/KRW) exchange rate dropped to a low of 1806.5311.

Meanwhile, the South Korean Won dived versus its major peers after Gross Domestic Product failed to meet with expectations. On the year, the second-quarter Gross Domestic Product came in at 2.2% which was slightly under the median market forecast 2.3% growth. On a quarterly basis, South Korean Gross Domestic Product hit 0.3% growth; just missing the market consensus of 0.4%. The slower-than-expected economic growth has been attributed to the outbreak of Mers (Middle East Respiratory Syndrome) which has had a significant impact on tourism. However, the degree to which South Korea’s economic growth dropped cannot fully be attributed to Mers. Exports, which account for over half of South Korea’s economy, have been declining every month of this year so far.

‘The growth rate is worse than expected,’ James Rooney, chairman of Market Force Company, ‘We have to expect that the next quarter is also going to be negatively impacted,’ Rooney added. ‘Mers' impact was really only felt by June which means that only one month of this quarter can have arguable been affected by it, so the Mers effect cannot fully explain that degree of drop.’

The Pound Sterling to South Korean Won (GBP/KRW) exchange rate climbed to a high of 1820.8894 during Thursday’s European session.
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