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.
Source: https://www.fxstreet.com/news/south-korea-president-yoon-declares-martial-law-usd-krw-jumps-to-two-year-high-202412031355