South Korean Won Tumbles Against Yen And Dollar
September 23 2009 - 7:55PM
RTTF2
Thursday in Asia, the South Korean won tumbled against its
Japanese and US counterparts as a slump in South Korean stocks
decreased demand for the local currency.
The South Korean market drifted lower today with the overnight
negative close on Wall Street and lower commodity prices prompting
investors to go in for some selling in technology, shipbuilding and
energy sectors.
The benchmark KOSPI index, which rebounded into positive
territory after early weakness, has faltered into the red to 1,704,
posting a loss of 7.5 points or 0.44%.
During Thursday's early Asian deals, the South Korean won
declined to 1198.10 against the dollar. The next downside target
level for the Korean currency is seen at 1210.10. The dollar-won
pair was worth 1192.60 at Wednesday's close.
From U.S., the Labor Department is due to release its customary
weekly jobless claims report for the week ended September 19th at
8:30 am ET. Economists expect a small increase in claims to
550,000. At 10:00 am ET, the National Association of Realtors is
scheduled to release its report on existing home sales for August.
Economists estimate existing home sales of 5.35 million for the
month.
The Chair of the White House Council of Economic Advisers
Christina Romer is scheduled to deliver the keynote address to the
Chicago Federal Reserve Bank's International Banking Conference in
Chicago at 1 pm ET
In early Asian trading on Thursday, the South Korean won edged
down against its Japanese counterpart. The won reached 13.1680
against the yen, with 13.23 seen as the next downside target level.
The yen-won pair was worth 13.0590 at yesterday's New York session
close.
The yen has been rallying against other major currencies today
as Japan posted a merchandise trade surplus in August. Japan saw a
merchandise trade surplus of 185.7 billion yen in August, the
Ministry of Finance said today. That beat analyst expectations for
a surplus of 157 billion yen following the revised 377.9 billion
yen surplus in July, and it marked the seventh consecutive month of
surplus.
Exports were down 36 percent on year, compared to forecasts for
a 36.5 percent annual decline to 4.511 trillion yen. Overall,
exports have fallen now in 11 consecutive months.
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