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South Korea’s currency was softer on Monday following the Pentagon’s weekend decision to deploy an aircraft carrier group to waters near the Korean peninsula.

The won was 0.5 per cent softer against the greenback in the morning session, by far the biggest loser in the region at Won1140.45 per dollar. The currency has weakened 2 per cent in the month so far amid escalating tensions with North Korea and China.

Now the US is wading into the mix, as the Pentagon decided to deploy an aircraft carrier group to waters near the Korean peninsula at the weekend in a move a US military official told the Financial Times was designed to be a “show of force”. The move comes just days after the US fired a barrage of cruise missiles at a Syrian air base late on Thursday.

Copyright The Financial Times Limited 2018. All rights reserved.

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